CBA has released interesting analysis on Australia’s housing market, which states that dwelling prices in November were “down by 7.5% from their April peak”.
CBA also notes that “the pace of decline in Sydney (-1.3%/mth) and Melbourne (-0.8%/mth) has eased somewhat, [but] it has accelerated in Brisbane (-2.0%) and Hobart (-2.0%)”:
“Despite the downturn in the housing market, prices remain above their pre-pandemic levels –to varying degrees –for all capitalcities. Dwelling prices in Melbourne are just 3% higher than in April 2020, but in Adelaide they remain 42.8% higher”, according to CBA:
CBA’s forecasts a 15% peak-to-trough decline in dwelling values at the combined capital city level. This means that Australia was halfway through its correction at the end of November:
Given its status as Australia’s most expensive housing market with the most indebted households, Sydney (-19%) is expected to lead the nation’s house price decline.
By contrast, Perth (-7%), Adelaide (-9%) and Darwnin (-9%) are only forecast to experience modest single-digit corrections.
