Housing markets in 2022 finished with a decline in values of -5.3% lower over the course of the calendar year. This fall indicates the first time since 2018 where national home values decreased over the calendar year and the largest decline since 2008 when housing values were down -6.4%.
Most significantly, the highest annual falls in property values occurred in Sydney at -12.1% and Melbourne at -8.1% where the peak occurred at the beginning of the year. The ACT at -3.3%, Hobart at -6.9% and Brisbane at -1.1% also recorded declines. However, Adelaide, Darwin and Perth recorded value rises of 10.1%, 4.3% and 3.6% respectively.
Housing prices rose through the first 4 months of last year, though declined afterwards amid multiple interest rate rises by the RBA.
When it comes to the regional markets, Regional NSW fell -2.7% and Regional Victoria fell -1.3%, whereas Regional SA recorded the highest increases over the year a rise in values of 17.1%.
Housing values generally remain well above the levels prior to COVID with combined capital cities recording a 11.7% rise and combined regional markets up 32.2%, with the exception of Melbourne where dwelling values are only up 1.5% above the values in March 2020. Contrastingly, Adelaide values remain 42.8% above pre-COVID levels.