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It appears the housing and unit markets are already past their peaks, with both segments reporting a muted growth in March. \u00a0<\/p>\n
According to CoreLogic\u2019s latest report, price growth slowed down to 0.3% for units and 0.8% for houses in March, bringing their quarterly gains down to 0.9% and 2.8%, respectively. \u00a0<\/p>\n
CoreLogic research analyst Kaytlin Ezzy said while houses are still recording stronger gains compared to units, the former have also recorded a faster deceleration in the pace of quarterly growth.\u00a0<\/p>\n
\u201cSince reaching a cyclical peak in May 2021, the pace of quarterly house growth has recorded a 4.9 percentage point fall, compared to a 3.8 percentage point fall for unit quarterly growth,\u201d she said. \u00a0<\/p>\n
However, the report showed that softer market conditions have not impacted all markets equally. \u00a0<\/p>\n
In fact, while capital cities witnessed houses outperform units in March, the performance of the two segments was similar across regional markets, which reported a 1.7% gain. \u00a0<\/p>\n
The performance of price brackets, specifically for units, also varied: the lower and middle quartiles reported modest rises of 0.9% and 0.2%, respectively. On the other hand, units in the highest price bracket reported a decline at 0.5%. \u00a0<\/p>\n
\u201cHistorically, the upper quartile value trend has been more volatile with higher peaks and deeper troughs,\u201d Ms Ezzy said. \u00a0<\/p>\n
Unit prices starting to fall across expensive cities\u00a0<\/h2>\n
The CoreLogic report highlighted the downtrend in unit values across Sydney and Melbourne, where prices went down by as much as 0.6%. \u00a0<\/p>\n
In comparison, Brisbane and Adelaide<\/a> managed to clock a 4% quarterly growth in unit values. \u00a0<\/p>\n Despite these price movements however, the typical Sydney unit is approximately $355,000 more than the typical Brisbane unit, and more than double the price of the average Adelaide unit. \u00a0<\/p>\n More than half of Sydney\u2019s unit markets reported a decline during the first three months of the year, with suburbs in the Northern Beaches region posting the highest drops.\u00a0<\/p>\n In Melbourne, close to 60% of suburbs posted falls in unit values, with the inner-city markets as the worst performer. \u00a0<\/p>\n Ms Ezzy noted that Brisbane continues to be the standout performer among capital cities in terms of unit price growth.\u00a0<\/p>\n \u201cThe typical Brisbane unit recorded a $63,000 rise in values over the past 12 months \u2014 just one Brisbane suburb recorded a fall in unit values over the first quarter of the year,\u201d she said.\u00a0<\/p>\n Meanwhile, Adelaide continues to perform strongly on a month-on-month basis. However, its quarterly growth appears to be slowing. \u00a0<\/p>\n Overall, regional unit markets remained resilient over the quarter, with most rest-of-state areas recording stable growth: Regional Queensland (5.9%), regional WA (4.3%), regional Victoria (3.8%), and regional NSW (3.6%).\u00a0<\/p>\n \u2014\u00a0<\/p>\n Photo by\u00a0@maxconacher on Unsplash\u00a0<\/p>\n<\/p><\/div>\n
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