Australian Housing Market Slows as Prices Decline in Major Cities

Sydney and Melbourne lead the downturn, with rising property listings and economic pressures contributing to cooling demand.

CoreLogic data reveals national housing prices increased by just 0.1% in November, marking the weakest growth since January 2023.
Sydney and Melbourne recorded house price declines of 0.2% and 0.4% respectively in November, with Melbourne experiencing its 10th monthly drop in the past year.
Rising property listings, particularly in Sydney and Melbourne, have created a buyer's market, with listings up 10.4% and 9.1% above their five-year averages.
The rental market is stabilizing, with a 0.2% rise in November and annual rental growth slowing to 5.3%, the lowest rate since April 2021.
Economic uncertainty, high interest rates, and affordability challenges are expected to drive further house price declines into 2025, despite potential rate cuts later in the year.