Higher borrowing costs and unaffordable prices have pushed the housing slowdown that started in Sydney across the country, with not even Hobart immune to the cooling.
While home values fell more in the NSW capital than any other city over the year to August, with a 5.6 per cent decline – a slump Sydney last experienced in March 2009 – the contagion spread, with Melbourne's decline accelerating and values in the previously white-hot Hobart market slipping 0.1 per cent from July, CoreLogic figures showed on Monday.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
