Sydney’s Real Estate Records First Decline in 17 months

According to Tim Lawless, CoreLogic’s director of research, every capital city within Australia is now recording a slowing trend in its real estate value growth. Growth is still present, however, the increases in value are slowing down and steadily dropping across the states.

CoreLogic’s national HVI reports February’s growth of 0.6%, marking the lowest monthly growth reading since October 2020. This is down from 1.1% in January. Sydney recorded its first decline in the entire 17 month period at 0.1% and Melbourne came in close behind at 0.0%.

Regional Australia continues to record a substantially higher rate of growth than the capital cities.  Over the past 3 months, housing values across the combined rest-of–state regions have increased, at more than three times the speed of housing values across the combined capital cities.

Mr Lawless said that more choice for the buyers translates to less urgency and as restrictions and international borders ease after the peak hit of the Covid-19 pandemic, the rises in value were expected to finally fall.