Australian Housing Market Shows Signs of Slowdown

Australia's housing market is experiencing a slowdown, with national home prices rising by just 0.1% in November, marking the weakest growth since January 2023. CoreLogic reports that while prices have increased for 22 consecutive months, major cities like Sydney and Melbourne are seeing declines, with values down by 0.4% and 0.5%, respectively. Melbourne has faced a drop in housing prices for over ten of the past twelve months, leading to a potential shift towards a buyer's market as listings rise. Conversely, Hobart is showing signs of recovery, with a 1.33% annual increase in property values after a prolonged downturn. Experts suggest that the overall growth phase may be ending, influenced by high interest rates and increased property availability. With rental prices still rising, albeit at a slower pace, the market dynamics are shifting, indicating a potential end to the rental boom.