Australian housing market loses momentum with prices falling in Sydney and Melbourne

Australian house prices rose for a 22nd consecutive month but the market appears to be losing momentum after the weakest result since the monthly growth streak began.

Thị trường nhà ở Úc mất đà với giá giảm ở Sydney và Melbourne - Ảnh 1. — The home value index compiled by data group CoreLogic shows house prices rose a modest 0.1% in November - Photo: THE GUARDIAN

The home value index compiled by data group CoreLogic showed house prices rose a modest 0.1 per cent in November - the weakest result across Australia since January 2023.

Last month, the national median house price was $812,933. Sydney house prices were $1,196,809, Melbourne $776,949, Brisbane $886,540 and Adelaide $813,716.

November could be the last growth month in this “cycle,” CoreLogic research director Tim Lawless told The Guardian .

“The mid-caps and most regional markets… continue to provide some support for growth in the national index. But it is clear that momentum is leaving these markets,” Mr Lawless said.

The downturn is accelerating in Melbourne and Sydney, while the markets in mid-capitals – where growth is strongest – are also slowing, Lawless added.

Rents rose in every capital city in November, with the national rent index up 0.2%.

The rental market is experiencing a “period of relatively stable growth,” according to CoreLogic, although rents are still rising at double the pre-pandemic average of 2% in the decade.

A year ago, rents rose at an annual rate of 8.1%, CoreLogic reported.

“It will be interesting to see whether rental growth recovers in the seasonally strong first quarter of 2025,” Lawless said. “But by any measure, the rental boom appears to be over.”

House prices fell in Melbourne, Darwin, Sydney and Canberra in November, with the Victorian capital posting the biggest fall of -0.4%.

Melbourne house prices have fallen in 10 of the past 12 months, with an overall decline of 2.3%. Sydney house prices fell for a second month in a row in November, falling 0.2%, following a 0.1% decline in October. And September is likely to be the peak of the growth cycle, according to CoreLogic.

There are also more homes for sale in Sydney and Melbourne than at this time of year since 2018.

Thị trường nhà ở Úc mất đà với giá giảm ở Sydney và Melbourne - Ảnh 3.

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Source: https://tuoitre.vn/thi-truong-nha-o-uc-mat-da-voi-gia-giam-tai-sydney-va-melbourne-2024120312385172.htm