<?xml version="1.0" encoding="ISO-8859-1"?> <docID>332203</docID> <postdate>2024-11-01 14:47:47</postdate> <headline>Property market easing with falls across four capitals</headline> <body><p><img class="size-full wp-image-242852" src="https://citynews.com.au/wp-content/uploads/2021/10/Canberra-suburbia-2021-style-GoogleMaps-resized-e1696228983941.jpg" alt="" width="966" height="644" /></p> <caption>Latest data has revealed a fall in house prices in Canberra, Sydney, Darwin and Melbourne." Photo: Google Earth</caption> <p><span class="kicker-line">By <strong>Poppy Johnston</strong> in Canberra</span></p> <p><strong>Australia's housing market is no longer galloping at full tilt in welcome news for home buyers.</strong></p> <p>Property data firm CoreLogic recorded a 0.3 per cent lift in the national home value index, the same result as the three months prior but with falls recorded across four capital cities.</p> <p>Sydney joined that list for the first time in nearly two years, alongside Canberra, Darwin and Melbourne.</p> <p>CoreLogic's research director Tim Lawless said Sydney would likely follow a similar trajectory to Melbourne, which has been in a shallow correction as listing numbers have improved.</p> <p>"Total listings are now 13.2 per cent above the previous five-year average in Sydney and 13 per cent higher in Melbourne," he said.</p> <p>Buyers hitting an affordability ceiling was also weighing on price growth, with Sydney experiencing a "spectacular growth phase" since the pandemic, he told AAP.</p> <p>Even Adelaide, Perth and Brisbane - which have been consistently high performers, and helped push the national index higher in September - were losing momentum.</p> <p>Adelaide's 1.1 per cent gain was the lowest monthly rise since June.</p> <p>Brisbane's 0.7 per cent lift was the weakest improvement since July.</p> <p>A dip into the negative across the nationwide index was possible but Mr Lawless said the prospect of interest rate cuts in early-2025 should keep a floor under prices.</p> <p>The strong labour market and subdued outlook for new housing supply would further support property values.</p> <p>Jarden chief economist Micaela Fuchila said a slower pace of growth in home prices would be welcomed by a central bank looking for evidence of a slowing economy.</p> <p>The RBA board is broadly expected to leave interest rates on hold at its meeting on Tuesday, with underlying price pressures and a strong labour market cited as reasons to exercise caution despite headline inflation falling back within target.</p> <p>Ms Fuchila also highlighted a slowing pace of annual market rental growth as tracked by CoreLogic, with the 5.8 per cent gain the smallest annual rise since April 2021.</p> <p>She said this was a positive for inflation as rent accounts for over six per cent of the basket of goods and services tracked by the Australian Bureau of Statistics in the consumer price index.</p> <p>With the market still relatively tight and keeping upwards pressure on rental yields, property investors have been leading the upswing in mortgage activity.</p> <p>Investor loans were up 29.5 per cent over the year, Friday's update from the Australian Bureau of Statistics shows.</p> <p>But for the first time since February, lending by investors fell on a monthly basis, dipping one per cent to $11.57 billion.</p> <p>Owner-occupier lending held steady at $18.64 billion, with first home buyer loans down 3.3 per cent, to $5.2 billion.</p> </body>