Sydney’s housing market has taken its first dip in nearly two years, with CoreLogic data showing a 0.1% decrease in October, while Melbourne continued a similar trend, dropping another 0.2%. Despite these declines, Sydney’s median house price remains at $1.48 million—still out of reach for many buyers.
According to CoreLogic’s Tim Lawless, “the slowdown in values has been accompanied by an increase in the number of homes on the market,” with Sydney and Melbourne listing volumes now 13% above average. Even with more stock in Perth, Adelaide, and Brisbane, supply in these cities is still 20% below five-year averages, keeping conditions favourable for sellers.
On the rental side, rates have eased in multiple capitals, while new housing approvals increased by 4.4% in September, suggesting a potential boost in future supply. Meanwhile, cautious consumer spending signals broader economic concerns, with per-person spending down for nine consecutive quarters.
