Knowledge Centre

National downturn slowing, although conditions vary from city to city

24/2/2023

Evidence is emerging that the national housing market downturn, which began in May 2022, is slowing.

CoreLogic has reported that the nation’s median property price fell 1.0% in January – the smallest month-on-month decline since June 2022.

Meanwhile, while the national median price fell 4.1% in the October quarter, it fell only 3.2% in the January quarter.

Here’s how much prices fell in each capital city, in both the three months to January and the three months to October:

• Perth -0.1% (was -0.7% in October quarter)
• Darwin -0.4% (was 0.0%)
• Adelaide -1.5% (was -0.6%)
• Melbourne -3.1% (was -3.1%)
• Canberra -3.4% (was -4.3%)
• Sydney -3.9% (was -5.3%)
• Brisbane -4.8% (was -5.4%)
• Hobart -5.5% (was -4.1%)

In other words, while prices are still decreasing, they’re doing so at a decreasing rate.