In Sydney, housing values slipped over the past three months, taking the rolling quarterly change in dwelling values into negative territory for the first time since late 2020.
The drop in values currently is continued in Sydney's premium markets, with upper quartile house values down 1.5% over the past three months compared with a 2.5% rise across lower quartile house values.
A similar trend can be seen in the unit sector where values are down 2.2% across the upper quartile but rose by 0.3% across the lower quartile of the market.
It's normal for the more expensive sector of the market to lead the cycle, so it wouldn't be surprising to see the lower quartile housing values start to slip lower over the coming months as well.
With advertised stock levels now roughly in line with the five-year average, homes are taking a little bit longer to sell, and auction clearance rates have reduced to below-average levels, providing an improvement in buying conditions over recent months.
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