Housing market has shown ‘remarkable resilience’ but growth ‘slowing down’

“Nationally, they are only half a per cent off the record highs we saw in 2022, but growth is slowing down,” Ms Owen told Sky News Australia.

“If you look at the quarterly rates … that slowed across the capital cities from almost four per cent in June to about 2.5 per cent in the three months to October. “Even though demand is still outstripping the supply of properties in the market, supply is becoming a bit more shaky amid a high interest rate environment, stretched affordability and low consumer sentiment.”

Ms Owen said this is expected to continue, if not shift lower, depending on what the RBA does next week.

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