Sydney’s property market in well into a downswing, and inner Melbourne is not far behind, a report looking at property cycles shows.Property listingsRising interest rates are set to push property prices lower even in areas that have so far been immune from the downturn, according to a new report.
Brisbane and Darwin have more recently shifted into a downswing, Adelaide and Hobart have likely reached the peak, while Perth is closing in on a market high, PRD’s Australian Economic and Property Report 2022, released on Thursday, found. “We really are seeing a very fragmented market … it’s really dependent on the supply and demand forces in each of those markets,” she said.
The stage of the property cycle in each market was determined by assessing annual growth for the year to June, compared to the previous year, and anecdotal evidence from real estate agents about supply and demand in their local market. Housing data from other sources like property analytics company CoreLogic, were also factored in.
“Undeniably the pendulum has swung and it’s now become a “buyers’ market” or that’s certainly the way buyers perceive it, the truth is we’re somewhere in between.”
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