The slowdown in growth conditions is most visible in Sydney, where housing values had been growing strongly.
Since values started rising in 2012, the typical Sydney dwelling has seen its value rise by 75%, equating to an approximate dollar value gain of $521,000 on the median dwelling valuation.
Sydney’s quarterly growth rate peaked over the three months ending October 2016 when dwelling values jumped by 6.3%.
Sydney’s housing market recorded no growth in August.
In the past three months Sydney has seen dwelling values rise by only 0.3 percent the slowdown in capital appreciation.
This shouldn’t come as a surprise considering Sydney home values have been rising at a rapid pace for more than five years clearance rates are holding around the mid to high 60% range and homes are now taking an average of 41 days to sell which is on level with a year ago but substantially higher compared with earlier months of 2017.
Advertised stock levels are now tracking 16% higher than a year ago which implies buyers are slowly getting some leverage back and what’s been a very hot market.