Following 21 months of growth that pushed property values up 14.3 per cent, Australia’s housing market entered a downturn in December.
National property prices dropped -0.1 per cent – the first decline in almost two years.
Prices were down -0.7 per cent in Melbourne, -0.6 per cent in Sydney, and -0.5 per cent in Hobart and Canberra.
On the other end of the spectrum, prices rose 0.7 per cent in Perth, 0.6 per cent in Adelaide, 0.5 per cent in Brisbane and 0.4 per cent in Darwin.
CoreLogic research director Tim Lawless said the decline in values was not surprising.
“This result represents the housing market catching up with the reality of market dynamics,” he said.
“Growth in housing values has been consistently weakening through the second half of the year, as affordability constraints weighed on buyer demand and advertised supply levels trended higher.”
Meanwhile, regional property prices rose 0.2 per cent across the country in December.
With property prices falling in many markets and an interest rate cut expected in the near future, it may be time to consider a property purchase.
Whether you’re buying your first home, your next home, an investment property or looking to refinance, we can assist.
Get in touch today and let’s run through your finance needs.