Arabic version: انخفاض أسعار العقارات في أستراليا مع دخول السوق مرحلة تراجع

According to ABC News, Australia’s housing market has entered its first downturn in more than three years after property prices fell from record highs in the June quarter. Domain data showed national capital-city house prices fell 1.4 per cent during the quarter, while national unit prices dropped 1.2 per cent.

Annual growth for houses and units remained positive nationally, but slowed to its lowest level in nine months. Domain said higher interest rates, affordability constraints and weakening buyer confidence had driven a “decisive shift in market conditions”, while listings rose and homes took longer to sell.

Domain chief of research and economics Nicola Powell said the quarterly declines followed three years of uninterrupted price growth. Sydney, Melbourne and Canberra were leading the downturn in house prices, while Adelaide was the only capital city where house-price growth accelerated in the June quarter. Prices nevertheless remained at record highs in Adelaide, Brisbane, Perth and Hobart.

The trend was more pronounced for units. Unit prices fell in every capital city except Darwin in the three months to June. Dr Powell said investor nervousness appeared to be affecting the market and could also influence first-home buyers, who may wait in expectation of further price falls.

Property economist Cameron Kusher said he expected national dwelling values to decline, but did not believe the falls would greatly improve affordability because interest rates were unlikely to be reduced soon and values had risen sharply in recent years. Dr Powell also said the downturn was unlikely to trigger a correction or crash, arguing that potential sellers could pause decisions until conditions improved rather than enter a market in free fall.