Australian Major Cities' Housing Market Facing Downturn

The housing market in Australia's major cities is heading for a downturn as price growth slows, new numbers show.

Melbourne, where housing values have fallen during 10 of the past 12 months, recorded a 0.4 per cent fall in November, taking values 2.3 per cent lower over the past year.Selling rates are down in the capitals. "The mid-sized capitals and most of the regional 'rest of state' markets continue to provide some support for growth in the national index, but it is clear momentum is also leaving these markets," Lawless said.Housing values in Perth continue to rise, with a 1.1 per cent gain in November and three per cent in the past quarter.Similarly, Brisbane's quarterly rate of growth has eased back to 1.8 per cent, the slowest pace of gains since March 2023, while Adelaide's 2.

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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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