The ongoing pressure of high interest rates and the cost of living has pushed down house prices in some capital cities, opening up the market for first home buyers.
A rate cut could come as early as next month, creating a more positive housing outlook.House and unit prices grew in regional Australia in January and fell across the combined capital cities.
The value of dwellings in regional areas grew 0.4 per cent last month, but fell 0.2 per cent across the combined capital cities.Adelaide recorded the largest jump in values , followed by Darwin , Perth , then Brisbane ."Underneath that headline figure, we're seeing a continued slowdown in the capital city markets, while there's been a lot of regional resilience and values reaching record highs in the combined regional market," CoreLogic head of research Eliza Owen said.
But the regions saw the biggest growth, up 1.6 per cent in the three months to February compared with a 0.3 per cent rise across the capitals. "Hobart is also a very strong buyers' market, with values about 12 per cent below the high in early 2022.Ray White chief economist Nerida Conisbee said across the country the housing market had "slowed down quite dramatically".
"In a place like Melbourne at the moment there's lots available at that sub-$750,000 price point in more desirable suburbs," she observed.
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