Weaker housing market conditions occurred in November despite strong upward pressure on house prices across the country.
Australia’s national house prices have seen the smallest growth in the past ten months as complicated market factors slow down the property market’s recovery.
Among the capital cities, Melbourne and Hobart experienced a 0.1 percent drop in house prices, and Darwin’s home values fell by 0.3 percent.
While Sydney’s house prices rose 0.3 percent during the month, the increase was significantly lower than what was recorded in previous months.
Meanwhile, Perth reported the largest growth in home values at 1.9 percent, followed by Brisbane at 1.3 percent, Adelaide at 1.2 percent, and Canberra at 0.5 percent.
CoreLogic research director Tim Lawless said the downward trends in Melbourne, Hobart, and Darwin occurred amid low housing supply and moderate levels of buying activity.
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