Australian Unit Values Falling at Fastest Rate in 40 Years: CoreLogic

High-rise apartments are seen in the inner city suburb of Surry Hills in Sydney, Australia, on May 8, 2021. Lisa Maree Williams/Getty Images

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.