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

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Sydney,Melbourne,Housing Market

Sydney 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.

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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