House price correction moves to mid-sized capital cities
According to Cotality’s daily dwelling values index, home values have declined by 3.2% from their peak across the five major capital cities. So far, this decline has been driven by Sydney (-5.8%) and Melbourne (-5.6%), with smaller falls of 1% or less recorded across the mid-sized capitals. The build-up of for-sale listings across the mid-sized The post House price correction moves to mid-sized…
A recent report from Cotality reveals a 3.2% drop in home values across Sydney, Melbourne, and the other major capital cities. While the decline has been most pronounced in Sydney (-5.8%) and Melbourne (-5.6%), mid-sized cities like Brisbane, Perth, and Adelaide are also experiencing price reductions of 1% or less. This downward trend is expected to continue, with listings swelling by 35.9% in Brisbane, 31.5% in Perth, and 25.3% in Adelaide over the past year, outpacing the national average increase of 21.4%.
Domain's chief economist, Nicola Powell, attributes the growing supply of homes for sale to slowing market conditions, stating that the accumulation of listings signals buyer choices and negotiating power. SQM Research's Louis Christopher notes that both new and older properties are being listed in larger numbers, indicating an extended period to sell homes.
ANZ Bank predicts that dwelling values nationwide could plummet by 10.6% from peak to trough, marking the most significant decline in at least 40 years. The onset of this correction began in Sydney and Melbourne, with similar trends anticipated to spread to other capital cities.
Written by urgent.news from MacroBusiness's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
