The housing market in Australia’s major cities is heading for a downturn as price growth slows, new numbers show.
CoreLogic’s National Home Value Index rose by just 0.1 per cent in November, the weakest national result since January 2023.
It was the 22nd consecutive month of growth, but it could signal the end of rising prices.
“The downturn is gathering momentum in Melbourne and Sydney,” CoreLogic research director Tim Lawless said.
“While the mid-sized capitals, which have dominated the growth cycle of late, are also losing steam.”
Melbourne, where housing values have fallen during 10 of the past 12 months, recorded a 0.4 per cent fall in November, taking values 2.3 per cent lower over the past year.
For Sydney, September likely marked the peak of the cycle, with values falling consecutively in October (down 0.1 per cent) and by a larger0.2 per cent in November.
On a rolling quarterly …