Home price falls are starting to ease
The PropTrack Home Price Index shows that national home price falls slowed in January, recording a small fall of 0.09%, bringing values down 4.51% from their peak in March 2022.
Key highlights from the January 2023 report
Australian home prices fell 0.09% in January and are now 4.51% below their peak.
Prices fell in every capital city, except Perth (0.06%) and Darwin (0.00%) where they held at peak levels, with Canberra (-0.24%) and Melbourne (-0.22%) recording the largest falls in January. Since peaking in March 2022, home prices in Canberra have recorded both the largest and fastest decline from peak in more than 10 years.
While Sydney home prices recorded a very slight fall in January (-0.06%), they have fallen persistently since March 2022, and have experienced the steepest drop of any market, now down 7.51% from their peak in February 2022. Sydney prices are now 7.27% below their January 2022 level.
Home prices posted very slight declines in Brisbane (-0.07%) and Hobart (-0.05%).
From their respective peaks, home prices have fallen at the fastest pace in more than a decade in Sydney, Brisbane, and Hobart.
Home prices in Adelaide fell 0.14% in January and are now sitting just below their peak. However, Adelaide is still the strongest performing capital city market over the past year. Home prices in regional South Australia recorded the strongest pace of growth in January and is the strongest performing market over the past year, rising 0.46% in January to a new price peak.
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