The housing market finished the year lower for the first time since 2018 and the downturn re-accelerated during December, research house CoreLogic has found.
Melbourne home values have fallen 8.3 per cent from their peak.
The drop follows a rise of 27.7 per cent during the pandemic property boom, fuelled by ultra-low interest rates and a desire for more spacious homes, but the market reversed as the cost of borrowing jumped. CoreLogic research director Tim Lawless expects further falls based on assumptions the Reserve Bank, which lifted the cash rate from 0.1 per cent last April to 3.1 per cent now, will announce another two hikes this quarter and then stop.
He said the pace of the downturn had started to ease this spring and re-accelerated in December, although one month was too soon to discern a trend and monthly movements could often show some volatility.
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