Key takeaways
All capitals with the exception of Adelaide have reported declines in Asking Prices for houses over July according to the latest data from My Housing Market.
The Sydney market again recorded the steepest decline in house prices over the month.
July Asking Prices for units produced generally positive results over July with Brisbane, Adelaide and Melbourne higher over the month by 2.8%, 1.6% and 1.0% respectively.
The number of homes and units listed for sale over July increased significantly particularly in Sydney and Melbourne.
All capitals with the exception of Adelaide have reported declines in asking prices for houses over July with market activity now clearly in retreat following the strong growth recorded generally in 2021.
The previously high-flying Sydney market again recorded the steepest decline in house prices over the month according to the latest data from My Housing Market - down sharply by 2.7%.
The Sydney result was significantly lower than the 1.3% monthly decline revealed over June.
Brisbane house asking prices were also lower over the month falling by 1.9% and followed the 0.5% monthly decline recorded over June.
Perth prices fell by 1.0% over July with Melbourne down marginally by 0.5% - a similar result to the previous month.
Adelaide however reported rising house prices over the month - higher by 1.1% and reversing the falls reported over June.
July asking house prices for all capitals remain clearly higher than those reported over July 2021, with Brisbane and Adelaide clearly the top performers rising by 27.0% and 23.9% respectively.
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Units outperformed over July
July asking prices for units produced generally positive results over July with Brisbane, Adelaide and Melbourne higher over the month by 2.8%, 1.6% and 1.0% respectively.
Unit prices were however marginally lower in Sydney by 0.7% and Perth similarly down 0.5%.
Annual unit prices growth remains positive in all capitals however Sydney is higher now by just 0.5%.
The number of homes currently listed for sale tell a story
The number of houses and units listed for sale in Sydney and Melbourne reporting steep increases compared to a year ago.
By contrast Brisbane and Adelaide have recorded sharply lower homes for sale overall compared to July 2021 results, with Perth listings steady.
The continuing pushback in asking prices – particularly for houses, reflects the impact of rising affordability barriers generated by booming housing markets through 2021 and into 2022.
Recently higher interest rates have also impacted affordability with the usual seasonal distractions of the quieter winter market additionally a factor in reduced buyer activity over July.
The clear likelihood of further increases in interest rates will act to further reduce affordability and add to current fragile confidence, with lower prices set to continue over coming months.
