Australia’s Property Market Cools After Two Years of Growth

Australia’s property market has finally come off the boil after a resilient run of growth at a time of. For the first time in nearly two years, CoreLogic recorded a monthly decline in national home values. The 0.1% fall in December followed a flat result in November and a gradual slowing in the pace of growth over the course of the year.

After a moderate downturn in 2022, as the Reserve Bank of Australia first started hiking interest rates, home prices starting rising again even as the fight against inflation raged and the cash rate stayed elevated. Given constrained borrowing capacity and cost-of-living pressures, Lawless said the price growth clocked between February 2023 and October 2024 was surprising. Even the mid-sized capitals, which have been logging particularly strong price growth, have been starting to slow down. Perth eked out the biggest property price increase in December, a 0.7% gain to be a whopping 19.1% higher annually. Adelaide’s market rose 0.6% over the month, and Brisbane 0.5%. Darwin also clocked a 0.4% improvement after a lacklustre 12 months. “With worsening affordability constraints and reduced borrowing capacity, we have seen buyer demand pushed towards lower priced markets, which has, in turn, supported stronger growth conditions in these areas,” Lawless said.All other capitals recorded price declines in December, with Sydney down 0.6% and Melbourne 0.7%.Regional markets fared a little better than their urban counterparts, with the combined regionals gauge up a modest 0.2% over the month and 6% annually. While interest rate cuts would probably support housing demand in 2025, CoreLogic did not expect the easing cycle to trigger another phase of strong price growth. In a welcome development for financially stretched renters, the

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