- Nationwide house prices began their decline after the first cash rate rise;
- With interest rates likely to head higher further house price falls are likely this year;
- Adelaide, Perth and Darwin have been the strong capital city performers;
- Regional areas outperformed cities in 2022.
What happened to house prices in 2022
House prices across Australia (and dwelling types) were broadly flat in 2022. There were monthly rises in the early part of the year with the nation-wide decline beginning after the first cash rate rise in May. The monthly falls were most significant in the third quarter although the declines were still sizeable in the final months.
To read my full update, click here.
We live in interesting times.
Peter Munckton - Chief Economist