Each month we take a graphical deep dive into the Antipodean housing markets.
Housing price growth in Australia remained multi-speed in May but slower growth is starting to spread.
Dwelling prices continued to decline in Sydney and Melbourne. It’s not unusual for prices in the two major capitals to exhibit more volatility than elsewhere.
Overall, nationwide dwelling prices were unchanged in May.
The slowing in dwelling price growth began before the RBA increased the cash rate in early February, but that is not unusual. Households’ appetite to buy housing has waned. Uncertainty related to both geopolitics and effects from changes to taxation are likely to also weigh on established housing demand in at least the near term.
