Australian Housing Market Slows with Sydney Prices Declining

Sydney's housing market experiences its first price drop since early 2023 as national growth moderates amid increased listings.

National house prices in Australia rose slightly by 0.3% in October, marking the 21st consecutive month of growth.
Sydney's housing market saw a 0.1% decline in October, the first monthly drop since January 2023, driven by weaker conditions in high-value areas.
Perth, Adelaide, and Brisbane recorded the strongest annual growth, with Perth leading at 20.58% over the past year.
Increased property listings, particularly in Sydney and Melbourne, have given buyers more options and reduced urgency in the market.
Rising mortgage stress and high cost-of-living pressures are influencing market dynamics, with a shift towards more affordable housing options like units.