Australia's Property Market Cools Down After Two Years of Growth

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Australia's Property Market Cools Down After Two Years of Growth
Property MarketAustraliaHousing

For the first time in nearly two years, Australia's property market experienced a monthly decline in home values. CoreLogic recorded a 0.1% fall in December, following a gradual slowing in growth throughout the year. Despite the Reserve Bank of Australia's interest rate hikes, home prices had rebounded earlier in 2023. However, affordability constraints and cost-of-living pressures are now impacting buyer demand, leading to a cooling in the market.

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Australia’s property market has finally come off the boil after a resilient run of growth at a time of

Given constrained borrowing capacity and cost-of-living pressures, Lawless said the price growth clocked between February 2023 and October 2024 was surprising. 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.

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