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Australian Housing Market Slows Down as Melbourne and Sydney House Values Decline

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Housing Market,Sydney,Melbourne

Sydney and Melbourne house values are showing a downturn, with high interest rates and increased property listings contributing to this decline. The slowdown is spreading to other major cities, including Brisbane and Perth, as the number of homes for sale rises while purchases fall.

Sydney and Melbourne house values are declining, with signs of a slowdown spreading to other major cities. High interest rates and an increased number of properties for sale are contributing to this downturn. CoreLogic data shows Sydney house values have fallen by 0.4% in the last month and 0.8% over three months. Melbourne's median value has dropped by $20,000 in the past 11 months. Brisbane and Perth are also experiencing a slowdown, with Perth’s median value rising only 2.

9% over three months and Brisbane's rising 1.6%. The rental market pressure is also easing, with rent increases slowing down

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Australian Housing Market Slows Down, Sydney and Melbourne House Values DeclineSydney and Melbourne house values are declining, with Sydney experiencing a 0.4% drop last month and Melbourne a 1.2% drop over the past three months. High interest rates and an increase in properties for sale are contributing to the slowdown, with Brisbane and Perth also showing signs of a market retreat.
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Australia’s housing market loses steam with prices falling in Sydney and MelbourneThere were also more houses for sale in the country’s two biggest cities than there had been at this time of year since 2018
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