House price values in Sydney and Melbourne are going backwards as Australia’s property market slows amid interest rate rises and Iran conflict

Australia’s two biggest housing markets are in a downturn for the first time since the start of the COVID-19 pandemic as the hip-pocket pain of surging fuel prices combines with rising interest rates to scare off prospective buyers.

Property data firm Cotality’s rolling daily index shows home values in Sydney and Melbourne have been shrinking since February and were 0.04 per cent down as of Sunday. But Australia’s overall housing market is still growing thanks to strong increases in Perth, Brisbane and Adelaide.

Loading…