The majority of Australia’s house and unit markets are now in decline.
CoreLogic’s latest analysis shows the market downturn is becoming more widespread, partially as a result of consecutive interest rate rises.
Hobart was the only capital to record a decline in all house and unit markets analysed over the September quarter, houses down 4.3 per cent and units declining 5.3 per cent.
Economist Kaytlin Ezzy says slowing prices, mean fewer people are looking to sell.
“There typically is a surge in listings around spring, but this spring hasn’t quite sprung yet,” she said.
“Listings levels are down around 17 per cent compared some of the previous averages we’d expect at this time of year.”