PHOTO: Australian property
There’s been a dramatic decline in house prices in many of Australia’s biggest cities. Some speculate that Auckland’s recent slide means it’s headed the same way. CoreLogic’s Ben Speedy compares the two markets.
Plummeting prices in the Sydney housing market are sending shivers down the spines of Auckland home owners, who wonder if they’ll see the same thing happen to their homes’ values.
CoreLogic Head of Country NZ Ben Speedy says the Sydney and Auckland housing markets both saw significant growth in values from 2013 onwards.
“That was driven by more accessible credit, low interest rates, migration, a strong economy, and low unemployment,” Speedy says.
“They were the drivers of property values going up in Sydney – and also the reason property prices went up in New Zealand.”
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