Australian Home Prices Stall in May as Sydney, Melbourne Drop 0.9% and 0.8%
Updated
Updated · Bloomberg · May 31
Australian Home Prices Stall in May as Sydney, Melbourne Drop 0.9% and 0.8%
6 articles · Updated · Bloomberg · May 31
Sydney home prices fell 0.9% in May and Melbourne dropped 0.8%, pulling Australia’s combined capitals index down 0.1% as the broader market stalled.
Higher borrowing costs and tax reforms weakened demand across most major cities, according to property consultancy Cotality’s Monday report.
Perth and Darwin bucked the slowdown with 1.5% gains each, while Brisbane and Hobart rose 0.9%, showing the weakness was concentrated in the two largest markets.
The mixed city results point to a housing market losing momentum nationally, with policy and financing pressures outweighing support from stronger regional capitals.
With Sydney's market falling while Perth's soars, is Australia's national housing market splitting in two?
As tax reforms loom and the RBA flags investor risk, is Australia's property market facing a perfect storm?