News & Media

Melbourne prices are expected to fall 1.7 per cent this year, with Hobart also forecast to move backwards.

In the three months to September, housing price growth averaged 0.4 per cent month-on-month, down from 0.6 per cent mid-year and well down from the 0.9 per cent recorded this time in 2023.

“Auction clearance rates are down, the median time on the market has lifted and new listings are above their five and 10-year averages,” Ms Dunk said.

“In Perth, Brisbane and Adelaide, where price growth is buoyant, new listings are being absorbed quickly.”

Ms Dunk added cheaper properties were recording stronger price growth.

“More affordable properties (in the bottom quartile) have outperformed. There’s been a shift towards outer suburban areas, where additional supply is greater and prices are lower,” she said.

Ms Dunk said affordability constraints may start to narrow the gap between houses and units, which is at a record high of $321,000.

Meanwhile, most households are managing to keep up with repayments, Ms Dunk said.

Arrears rates remain below one per cent and internal ANZ data shows almost 80 per cent of customers are ahead on their mortgage repayments.

“The resilience in the labour market is helping households deal with cost-of-living pressures,” Ms Dunk said.