The housing market has moved past its peak growth rate in March 2021, when dwelling values increased by approximately 2.8 per cent across the nation. Since then, the monthly increase for dwellings has stabilized around the 1.5 per cent mark.
The largest growth in dwelling prices has been found in Hobart and Canberra. On the other hand, Perth and Darwin have recorded the softest growth. The slowing momentum can be attributed to higher barriers for non-homeowners along with fewer government incentives to enter the market.
It is becoming increasingly challenging for first-home buyers to raise a deposit on account of the dwelling prices rising substantially faster than household income. Homeowners looking to upgrade, downsize or simply move home seem to be less impacted on account of the accrued equity in property owned.