After motoring along for the best part of five years, the Australian real estate market took a breather in April, according to CoreLogic.
According to the CoreLogic results, dwelling values increased by 0.1% across the combined capital cities in April, with housing market conditions slowing in both Sydney and Melbourne.
Head of CoreLogic Research Tim Lawless said, “The two hottest housing markets in the nation have shown signs of slowing down in April, with the CoreLogic Hedonic Home Value Index recording a rise of just 0.1% over April, the lowest month-on-month rise in capital city dwelling values since December 2015.”
The softer results across Australia’s two largest capital cities comes after dramatic capital gains were recorded over the second half of 2016 and the first three months of 2017. Between July 2016 and the end of March 2017, Sydney dwelling values surged 11.3%, whilst Melbourne values increased slightly more at 12.6% in the same period, according to CoreLogic.
“It’s fair to expect that with April dominated by school holidays, the Easter and Anzac long-weekends, plenty of buyers had matters of family on their minds, rather than attending open for inspections and auctions,” said Angus Raine, Executive Chairman, Raine & Horne.