Major housing markets around Australia have steadily declined over the last twelve months from a rising cost of living crisis, increasing interest rates, and a dip in quality property availability.
Signs since February could spell a change in momentum with prices now rising more decisively across major capital cities.
The change in property interest comes in reaction to the first month the Reserve Bank of Australia decided to holt on interest rate rises for the first time since May 2022.
The holt in interest rate hikes only lasted one month however, with the RBA quickly stepping in once again with a 0.25 per cent point increase, currently totalling 3.85 per cent cash rate.
Housing markets in major cities
Despite these increases, major cities are steadily showing resilience, with Sydney increasing 1.3 per cent in housing values in April. As of mid-May, all three eastern capital cities showed increases, with CoreLogic reporting the following:
Sydney
Sydney property prices increased by 0.6 per cent over the last week and increased 1.3 per cent over the last month, yet dropped -9.9 per cent over the last 12 months.
Melbourne
Melbourne property prices increased 0.3 per cent over the last week, also increased 0.1 per cent over the last month and dropped -8.4 per cent over the last 12 months.
Brisbane
Brisbane property prices increased by 0.5 per cent over the last week, increased 0.5 per cent over the last month, and dropped -9.2 per cent over the last 12 months.
Overall, Australian capital dwelling prices increased by 0.7 per cent over the last month and are now -7.8 per cent lower over the last 12 months.
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