Sydney and Melbourne house values are both falling as a run-up in advertised stock and high interest rates put a brake on ever-increasing prices.
Sydney houses have joined those in Melbourne in losing value as a slowdown in population growth and a jump in properties on the market finally put the brakes on ever-increasing prices.to go on a spending spree that might have added to inflation pressures, data from CoreLogic found Sydney house values dropped by 0.1 per cent in October.It was the first monthly fall in Sydney house values since the start of 2023.
CoreLogic’s research director, Tim Lawless, said prices were holding up for the first home buyer and investor part of the market, with the drop-off being led by more expensive properties. The rental market is also showing signs of easing. Rents in Sydney , Melbourne , Brisbane , Hobart and Canberra have all fallen over the past three months.Lawless said the softer rental market was probably due to a slowdown in net overseas migration and an increase in the average size of households, which shrank sharply during the Covid pandemic.
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