Home Price Falls Are Starting To Ease
Property markets across the country are starting to stabilise after the rapid increase in interest rates dented market sentiment in 2022.
According to PropTrack, property prices fell 0.09 per cent in January, led by Canberra (-0.24 per cent), Hobart (-1.7 per cent) and Melbourne (-0.22 per cent). Meanwhile, the smaller capital cities continue to hold up well with Darwin (0 per cent) remaining steady and Adelaide down just (-0.14 per cent).
PropTrack said although the housing weakness remains geographically broad-based there are signs some momentum has left the housing downturn, with the quarterly trend in housing values clearly pointing to a reduction in the pace of decline across most regions.
Even with the modest declines, PropTrack said prices are down just 4.51 per cent from their peak and still well above pre-covid levels.