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Australia\u2019s home prices marked their first drop since the start of the pandemic, with the price index showing a 0.11% decline in May.<\/p>\n
PropTrack\u2019s latest Home Price Index showed an overall slowing in monthly price growth across Australia, with four capital cities diving into the red.<\/p>\n
Sydney and Melbourne remained the biggest losers, with declines of 0.29% and 0.27% over the month. Hobart also reported a decline, albeit only marginal at 0.05%.<\/p>\n
Meanwhile, the Canberra recorded its first decline in over three years, ending May with a 0.12% fall in home prices.<\/p>\n
On a yearly basis, only Brisbane and Adelaide<\/a> maintained growth rates of above 20%, and therefore were the strongest capital cities in terms or price appreciation in May.<\/p>\n Overall, capital cities posted a 0.15% decline in May.<\/p>\n On the other hand, home prices across regional areas managed to stay afloat over the month with a 0.01% growth.<\/p>\n PropTrack economist Paul Ryan said the two-speed housing market trend has already clearly emerged.<\/p>\n \u201cAffordable, lifestyle regions of Brisbane, Adelaide, regional NSW and Tasmania continue to see solid growth, with flat or falling prices elsewhere,\u201d he said.<\/p>\n Mr Ryan said the speed of official interest rate hikes and wages growth remain the key \u201cunknowns\u201d that would impact price movements over the rest of the year.<\/p>\n \u201cConditions have now shifted rapidly from 2021. This follows expectations of sharply higher interest rates in 2022, which will erode the affordability of existing prices.\u201d<\/p>\n \u2014<\/p>\n Photo by brenoassis on Unsplash<\/p>\n<\/p><\/div>\n
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