House for sale.

‘Two-speed housing market’ as Sydney and Melbourne tumble while smaller towns and regions continue to thrive

Australian house prices fell nationally for the first time in at least 20 months, according to two major monthly indexes.

Both indexes – from CoreLogic and REA’s PropTrack – put the national monthly decline at around 0.1%.

CoreLogic records this as the first monthly drop since September 2020, while PropTrack forecasts it as the first drop since the start of the COVID-19 pandemic.

CoreLogic reported much larger house price declines for Sydney (-1%) and Melbourne (-0.7%), lowering the national average, while PropTrack estimated both cities were down 0.3% .

Both indexes also found Canberra prices fell last month for the first time in about three years.

Competing data providers also found that price growth remained highest in Adelaide, Brisbane and some regions.

CoreLogic’s home value index shows Australia’s most expensive cities, Sydney, Canberra and Melbourne, leading the decline.(Supplied: CoreLogic)

“A clear two-tier housing market has emerged,” said PropTrack’s Paul Ryan.

Shaft change remains attractive

Natasha Di Sano and her husband Daniel, looking for more space to raise their three children, moved their family to a new home last month.

Natasha Di Sano is sitting on her steps.
Natasha Di Sano says moving her family of five and their dog Akira further away from Sydney has allowed them to build a better way of life.(ABC News: Dan Irvine)

“It was my husband who proposed the idea to me,” Ms. Di Sano said.

“It was about us building a better life for my husband, myself and our three children, giving them more opportunities to be on bigger ground, to feel free to be themselves. , as well as giving us the opportunity to just live a different lifestyle, not so much the fast pace.”

Although not technically a regional move, they sold the house they had, on 500 square meters in Sydney’s northwestern suburb of Kellyville Ridge, about 40 kilometers from the CBD, and moved about twice as far from town to Kurrajong, where their three children now have two and a half acres to run around.

Exterior photo of a house in the far northwest of Sydney.
The Di Sano family’s new home sits on 20 times the land of their old home, with a mortgage of about the same amount.(ABC News: Dan Irvine)

Along with the extra land and 16 hens, their new home has more bedrooms and living spaces, as well as a granny’s apartment.

“We haven’t reduced the loan as much as I guess we’d like, it’s pretty much like we did a swap,” she said.

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