\u201cMomentum has clearly slowed, marking a transition from broad-based growth to a more uneven, multi-speed phase,\u201d she said.\u00a0<\/p>\n
\u201cAuction clearance rates have softened pointing to a growing mismatch between buyer and seller expectations.\u00a0<\/p>\n
\u201cAt the same time, higher interest rates are reducing borrowing capacity, while uncertainty is weighing on confidence.\u201d<\/p>\n
How home prices changed around Australia in April<\/p>\n
While the national figure points to declining prices, values didn\u2019t move in sync across all the capitals and regions last month.<\/p>\n
In fact, prices rose or remained flat in most markets, and are at record highs in most capitals and regional areas, with the national median dragged down by price declines in Australia\u2019s two largest cities.<\/p>\n
Prices in Sydney fell by 0.5% in March, while Melbourne prices declined by 0.3%.<\/p>\n
These cities also recorded the slowest annual price growth, with Sydney values 3.8% higher than a year ago, and Melbourne 1.9% higher.<\/p>\n
<\/p>\n
Prices have cooled in Melbourne’s inner east in recent months as rate hikes hit dent borrowing power. Picture: realestate.com.au\/sold<\/p>\n
\u201cRate-sensitive inner-city markets are leading the shift, particularly in Sydney and Melbourne, where price declines have emerged after back-to-back interest rate rises,\u201d Ms Creagh said.<\/p>\n
House prices in Melbourne\u2019s inner east were down about 2.5% in the past three months, while Sydney\u2019s eastern suburbs recorded a 2.4% fall.<\/p>\n
It was a very different story across the rest of Australia, with prices up 21.5% in Perth, 17.5% in Brisbane, 16.9% in Darwin and 13.9% in Adelaide in the past year following modest gains during April.<\/p>\n
The value of a typical house has gone up about $208,000 in Perth, $182,000 in Brisbane and $132,000 in Adelaide in just 12 months.<\/p>\n
<\/p>\n
Prices have reached a new high in Hobart amid increased competition between first-home buyers and mainland investors. Picture: realestate.com.au\/buy<\/p>\n
Hobart had the highest monthly growth with values rising 0.3% in March as the city\u2019s median value pushes to new record highs.\u00a0<\/p>\n
Demand from first-home buyers, investors and people relocating for the cooler climate had helped support price growth recently, according to Hobart real estate agent and EIS Property director Penny Connor<\/a>.<\/p>\n \u201cThere\u2019s lots of first-home buyer activity and lots of buyers agents from the mainland,\u201d she said.<\/p>\n \u201cThe fact that it\u2019s quite affordable has helped create competition in the market.\u201d<\/p>\n