Australian Housing Market Shows Weak Growth in November

There were also more houses for sale in the country’s two biggest cities than there had been at this time of year since 2018The 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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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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