Australian property prices fell for the seventh month in November, with home prices now down around 7 per cent from the peak recorded in April 2022.
CoreLogic’s national Home Value Index (HVI) found property prices fell 1 per cent in November with the median home price now down $53,400.
However, the fall comes after national housing values surged 28.6 per cent through the recent upswing, adding roughly $170,700 to the value of the average home.
Although values have continued to trend lower, the rate of decline has been consistently easing since the national index dropped by 1.6 per cent in August.
CoreLogic’s research director, Tim Lawless, said the easing in the rate of decline was mostly emanating from the Sydney and Melbourne markets, but was also evident across many of the smaller capitals and most regional markets.
“Three months ago, Sydney housing values were falling at the monthly rate of 2.3 per cent. That has now reduced by a full percentage point to a decline of 1.3 per cent in November,” Lawless said.
“In July, Melbourne home values were down 1.5 per cent over the month, with the monthly decline almost halving last month to 0.8 per cent.”
Lawless said, despite it appearing that property price falls were easing, there could be more losses to come.
“There is still the possibility that the pace of declines could reaccelerate, especially if the current rate-hiking cycle persists longer than expected,” he said.
“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed-rate terms secured in 2021 start to expire.”
Suburbs bucking the trend
As a whole, property prices have fallen but, on the more local level, some suburbs have seen massive price rises this year.
Here are the suburbs across each capital that have seen the biggest increases in the 12 months to November and their median property value.
Fairfield - $921,635 - up 0.9 per cent
Melbourne City - $526,772 - up 8.7 per cent
Wyndham - $659,404 - up 1.4 per cent
Melton - Bacchus Marsh - $629,694 - up 1 per cent
Beaudesert - $553,773 - up 19.1 per cent
Ipswich Hinterland - $538,185 - up 17.6 per cent
Jimboomba - $832,063 - up 16.8 per cent
Springfield - Redbank - $576,464 - up 14.1 per cent
Beenleigh - $549,022 - up 12.9 per cent
Caboolture Hinterland - $708,437 - up 12.1 per cent
Ipswich Inner - $498,387 - up 11.5 per cent
Browns Plains - $591,641 - up 11.5 per cent
Forest Lake - Oxley - $591,082 - up 10.9 per cent
Caboolture - $589,675 - up 10.8 per cent
Playford - $403,888 - up 22.7 per cent
Salisbury - $511,141 - 21.3 per cent
Gawler - Two Wells - $494,695 - up 18.8 per cent
Port Adelaide - East - $666,924 - up 18.1 per cent
Onkaparinga - $596,841 - up 17.3 per cent
Tea Tree Gully - $628,654 - up 16.6 per cent
Port Adelaide - West - $632,100 - up 16.5 per cent
Campbelltown - $805,375 - up 15 per cent
Holdfast Bay - $882,836 - up 14 per cent
Adelaide Hills - $744,662 - up 13.5 per cent
Kwinana - $412,156 - up 10.1 per cent
Rockingham - $484,367 - up 9.7 per cent
Mandurah - $487,329 - up 8.7 per cent
Wanneroo - $521,269 - up 7.1 per cent
Serpentine - Jarrahdale - $516,535 - up 6.9 per cent
Armadale - $439,241 - up 6.6 per cent
Mundaring - $596,896 - up 6.5 per cent
Gosnells - $465,904 - up 6.3 per cent
Swan - $503,936 - up 5.2 per cent
Fremantle - $896,218 - up 4.8 per cent
Brighton - $530,110 - up 1.1 per cent
Hobart - South and West - $795,208 - up 0.9 per cent
Hobart - North East - $755,519 - up 0.6 per cent
Palmerston - $486,027 - up 7 per cent
Darwin City - $486,215 - up 6.3 per cent
Darwin Suburbs - $521,188 - up 5.4 per cent
Litchfield - $635,522 - up 0.8 per cent
Molonglo - $771,195 - up 7.1 per cent
Gungahlin - $949,125 - up 1.2 per cent
South Canberra - $1,005,321 - up 0.2 per cent