Australia’s property market last year suffered its biggest annual decline since 2008 as sharp interest rate rises eroded purchasing power and deterred investors.
The national index of home values fell 5.3% in 2022, the first decline since 2018, CoreLogic Inc. said. in a report on Tuesday. Year-on-year declines were the biggest in the Sydney market, which fell 12.1%, followed by an 8.1% drop in Melbourne. National stocks fell 1.1% in December, the report said.