According to Realestate.com.au 's April real estate report, the change in the median housing price in most capitals was moderate from one year to the next.
Sydney recorded the largest annual decline with 8%, falling to $ 830,000. Melbourne's median price, meanwhile, declined 4.1% to $ 660,000.
Perth (-3.9%), Darwin (-3.4%) and Brisbane (-0.9%) also reported lower prices for the 12-month period.
Hobart followed the opposite direction, registering a steady 5% increase to $ 425,000. Prices in Canberra and Adelaide also rose by 0.9% and 0.8% respectively.
The real estate slowdown is far from being the worst that the Australian market has experienced. However, housing conditions in Sydney, Perth and Darwin are in trouble, according to Nerida Conisbee, chief economist at realestate.com.au.
"These cities are the most troubled in the country at the present time. Perth and Darwin have been in crisis for five years. In Sydney, the situation was shorter and faster, with prices falling by almost 10% in just 18 months. In other cities, the results are much more mixed. Melbourne often discusses the fall of the market with Sydney, but the reality is that Melbourne withstands much better. Elsewhere, conditions are relatively stable, "said Conisbee.
The economist said the outlook for the Royal Commission on Banks, which Conisbee said was causing uncertainty early in the year, now gives a better picture of the market outlook.
"In the end, [the final report] did not say much about housing finance … The biggest impact of the Royal Commission was the announcement of the Royal Commission. immediately began to focus more on responsible lending, "said Conisbee. "The finances will continue to relax this year … It will not bring investors back to the same level as during the boom, but it will make it easier for them. Ideally, this will put the first homebuyers and home renovators in a better position, especially because for this group, the buying conditions are much better than two years ago. "
The next federal election will have a potentially significant impact on the market.
"If we did not expect a change of government, it is likely that prices would stabilize now. The elections are crippling real estate markets – the volume of new listings is shrinking and buyers are sitting idle, "said Conisbee.
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