The value of units across Australia’s capital cities is falling at a faster rate than what was seen during the onset of the Global Financial Crisis (GFC), according to property researcher CoreLogic.
Since its peak in April, units in capital cities have fallen around 2.7 percent, or around $17,500 (US$13,000). In August alone, capital city unit values fell 0.9 percent, the fastest rate of decline in 40 years.
However, CoreLogic economist Kaytlin Ezzy said that despite the current decline being the “fastest on record,” unit values were still around 7.7 percent higher than pre-COVID levels.
The unit market has also been much more resilient compared to the housing market, with the annual performance gap between the two dramatically narrowing….