.jpg?language_id=1)
Sydney's median house price recorded a 0.1% fall in October, marking the first monthly decline since January 2023.
This takes Sydney's median house price to $1,193,240.
CoreLogic attributes these weaker conditions being led by the most expensive areas of the Sydney house market, with a 0.6% fall in the upper quartile (top 25% of home values) over the month.
Prices also dropped for both houses and units in Melbourne, regional Victoria, Darwin, and Canberra, while growth eased in Brisbane, Perth, and Adelaide.
According to CoreLogic’s Research Director Tim Lawless, price growth for high-end, premium properties has been weakening nationwide, while more affordable properties continue to perform well.
“A combination of less borrowing capacity and broader affordability challenges, as well as a higher-than-average share of investors and first home buyers in the market is the most likely explanation for stronger conditions across the lower value cohorts of the market," he said.
“The past three months has seen the lowest quartile either record a higher growth rate or smaller decline relative to the upper quartile or broad middle of the market across every capital city except Canberra.”
The national median dwelling price recorded a 0.3% rise in October, marking the 21st month of growth.
More to come.
Photo by boxiang Xiao on Unsplash
