Australia’s housing market is at its slowest for almost 18 months as buyers stick to cheaper properties and abandon interest in the top end of the market.
Figures today from the data firm Cotality show Melbourne and Sydney house prices fell 0.6% in April. Melbourne’s home values have now fallen 1.9% since November, with Sydney’s down 1%.
Prices are still rising at the cheaper end of the market but at a slower pace in both cities. The lower quarter of the market is up 0.1% but outweighed by the top-priced quarter falling 1.2% in April.
Canberra prices stayed flat over the month and Hobart’s rose just 0.2%, with the top quarters of both seeing prices fall.
Perth, Brisbane, Adelaide and Darwin are still steadily rising but the two-speed market is clear: every capital city is seeing prices rise faster in the bottom quarter of homes than the top quarter.
