Australian housing market update: July 2022
Our national Home Value Index recorded a second consecutive month of decline in June, down -0.6%, to be -0.2% lower over the June quarter.
Continued falls in Sydney and Melbourne were the primary drivers of this month’s steeper drop, but housing values were also down in Hobart and regional Victoria. Every capital city and broad rest of state region is now well past their peak rate of growth as the trend of value increases eases across the remaining markets.
National housing values have been easing since moving through a peak in March last year, when early drivers of the slowdown included rising fixed term mortgage rates, an expiry of fiscal support, a trend towards lower consumer sentiment, affordability challenges and tighter credit conditions.
More recently, surging inflation and a rapidly rising cash rate have been additional headwinds for home values. Since the initial cash rate hike on May 5th, most housing markets around the country have seen a sharper reduction in the rate of growth.
Find out the latest news for each capital city by clicking the link and watching the videos below or read the full Housing Market Update July 2022 Transcript