The home value index compiled by data group CoreLogic showed housing prices rose by a modest 0.1% in November – its weakest Australia-wide result since January 2023.
“The mid-sized capitals and most of the regional … markets continue to provide some support for growth in the national index,” Lawless said. “But it is clear momentum is also leaving these markets.”Lawless said the downturn was gathering speed in Melbourne and Sydney and the market in the mid-sized capitals – which have recently experienced the highest growth – was also slowing down.
House prices fell in Sydney for a second month in a row in November, dropping by 0.2%, which followed a 0.1% decrease in October. CoreLogic said September was likely the peak of its growth cycle.
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