The residential property markets of Australia’s two largest cities have hit their first quarter of negative territory since the extended lockdowns of 2020.

The residential property markets of Australia’s two largest cities have hit their first quarter of negative territory since the extended lockdowns of 2020.

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Sydney and Melbourne’s market slowdown has seen CoreLogic’s national Home Value Index (HVI) continue to lose steam through April. Housing values are still rising at the national level, however the 0.6% monthly rate of growth is the lowest reading since October 2020.

Sydney and Melbourne, which have the heaviest weighting in the HVI, were the main drag on the headline growth rates.Sydney housing values recorded the third consecutive month-on-month decline, down 0.2%, while Melbourne values were flat (-0.04% when taken out to the second decimal place). Technically values are down over three of the past five months in Melbourne.Hobart also recorded a negative monthly change (-0.3%), the city’s first monthly fall in 22 months.

CoreLogic’s Research Director Tim Lawlesssays the weakening state of the market has taken the rolling quarterly trend into negative territory across Sydney and Melbourne for the first time since these cities were in the…

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