National downturn slowing although conditions vary from city to city
Evidence is emerging that the national housing market downturn, which began in May 2022, is slowing.
CoreLogic has reported that the nation’s median property price fell 1.0% in January – the smallest month-on-month decline since June 2022.
Meanwhile, while the national median price fell 4.1% in the October quarter, it fell only 3.2% in the January quarter.
Here’s how much prices fell in each capital city in both the three months to January and the three months to October:
- Perth -0.1% (was -0.7% in October quarter)
- Darwin -0.4% (was 0.0%)
- Adelaide -1.5% (was -0.6%)
- Melbourne -3.1% (was -3.1%)
- Canberra -3.4% (was -4.3%)
- Sydney -3.9% (was -5.3%)
- Brisbane -4.8% (was -5.4%)
- Hobart -5.5% (was -4.1%)
In other words, while prices are still decreasing, they’re doing so at a decreasing rate.
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