House values in Sydney and Melbourne have declined as the Australian housing market faces challenges due to high interest rates and an increase in properties for sale. CoreLogic data shows Sydney house values fell by 0.4% in the last month and 0.8% over the past three months, while Melbourne’s values fell by 1.2% over the same period. Perth and Brisbane are also experiencing a slowdown, with Perth’s median house value rising by 1% over the past three months and Brisbane’s increasing by 0.6%.
The rental market is also showing signs of easing, with rents rising by 0.2% in November and the annual change being the lowest since April 2021
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