Sydney and Melbourne drag national market into reverse as mortgage stress climbs
As higher interest rates, affordability pressures and weakening buyer demand bite, fresh data suggests Australia's stalled housing market is entering a far more fragmented and subdued phase.
Sydney's property market is no longer in the fast lane. (Image source: Taras Vyshnya/Shutterstock.com)
For the first time in more than a year, Australia’s housing market has effectively stopped moving.
The latest monthly figures from both Cotality and PropTrack show national dwelling values were flat in May, confirming a broad-based slowdown that is now being weighted by Sydney and Melbourne.
According to Cotality’s Home Value Index, national dwelling values recorded zero growth in May, while values across the combined capitals fell 0.1 per cent…
