The Australian property markets are showing signs of cooling, with three capital cities experiencing a decline in home prices over the last quarter. According to CoreLogic‘s recent data, while national home values saw a modest rise of 0.5% last month, Melbourne, Hobart, and Darwin faced notable drops
Key Findings:
- Melbourne: -0.9% decline
- Hobart: -0.8% decline
- Darwin: -0.3% decline
Other major cities are also feeling the effects of a slowing market. Sydney’s price growth over the past three months was just 1.1%, a significant drop from the 5% increase seen in the same period last year. Nationally, home values increased by 1.7% over the past quarter, compared to 3.2% the previous year.
Interestingly, mid-sized capitals like Perth and Adelaide are bucking the trend. Perth saw a robust 6.2% growth, while Adelaide’s prices surged by 5%, marking the fastest pace since May 2022. Brisbane’s values rose by 3.8%, though this was a slowdown from last year’s 4.7% increase.
Property Markets Dynamics:
CoreLogic’s research director, Tim Lawless, explains that supply factors and declining borrowing capacity in premium markets like Sydney contribute to the mixed national picture. For instance, the number of homes for sale in Brisbane, Adelaide, and Perth is over 30% below the seasonal average, whereas Melbourne and Hobart are seeing supply levels well above average.
What Does This Mean for You?
Understanding these market dynamics is crucial for making informed decisions, whether you’re buying, selling, or investing in property. At Endurego Tax, we’re here to help you navigate these changes with expert advice tailored to your business goals. Contact us today to learn how we can support your real estate and tax planning needs.
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