For the first time since September 2020, national dwelling values have started to fall with Sydney, Melbourne and Canberra leading the market down.
House values across the country have fallen for the first time since September 2020 with Sydney, Melbourne and Canberra leading the market down.
Values of units in the harbour city fell by 0.7 per cent in the month to be down by 1.6 per cent over the quarter. Canberra values fell by 0.4 per cent in the month but remained 1.8 per cent up over the quarter and 18.6 per cent over the year with the median house value sitting above $1 million. CoreLogic research director Tim Lawless said the quarterly rate of growth for national dwelling values had peaked in May 2021, around the time consumer sentiment and when banks started to push up their fixed term mortgage rates.