Some weak spots are emerging in Adelaide, Brisbane, and Perth as affordability concerns finally catch up with the outperformers in the national housing market, data from CoreLogic shows.
In Perth, house prices in nearly two out of five suburbs are now rising at a slower pace and are decelerating in one out of six Adelaide suburbs, although from a high base.House prices in some of the more expensive suburbs led the decline of up to 1.5 per cent, indicating a cap on how high values could rise, said Eliza Owen, CoreLogic’s head of research.
“Brisbane is starting to mirror what you see in the Sydney and Melbourne market where the high interest rate environment and affordability constraints start to put downward pressure on growth at the high end.” Values there dropped between 1.1 per cent and 1.5 per cent, which are around three times slower than the previous quarter.
Across Perth, North Coogee in the south-west posted the sharpest drop in growth rates at 5.5 per cent, down from 11 per cent in the previous three months.
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