National housing downturn begins as prices fall nationwide

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Australia’s housing market is showing signs of a shift, with prices dipping slightly after months of resilience.

The latest data from PropTrack shows national home values fell 0.1% in April the first decline this year. March had surprised with growth, but momentum is now easing.

Economists say the market has reached a turning point. Higher interest rates, global uncertainty and possible tax changes are weighing on buyer confidence. A gradual slowdown is expected, rather than a sharp crash.

The picture varies across the country. About half of all regions recorded price drops, with declines strongest in premium areas. Parts of Sydney and Melbourne saw notable falls, especially in higher-end suburbs.

At the same time, more affordable areas are still seeing modest growth. Cities like Brisbane, Adelaide and Perth posted small gains, though growth is slowing there too.

Rising inflation and the likelihood of further rate hikes from the Reserve Bank of Australia are adding pressure. Higher fuel and living costs are also impacting sentiment.

Uncertainty is now a key factor. Some buyers are delaying purchases or lowering budgets, while some sellers are holding off listing their homes.

Overall, the market is cooling. Prices remain higher than a year ago, but the pace of growth is clearly slowing across most regions.

Source : News.com

More updates to come on AusNewsLanka.