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Capital cities with the most suburbs past their peak

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In 2021, the annual rate of increase in home prices recorded the third fastest growing period in Australia’s history. This was supported by record low interest rates, strong housing demand and limited supply.

As mortgage repayments are set to increase, price increases have slowed and some capital is more affected than others.

Melbourne, Perth and Darwin all fell in prices in March 2022, according to data from the PropTrack Home Price Index.

Price increases in these cities have been persistently weaker over the past year than in other capitals, especially Brisbane, Adelaide and Hobart.

With price growth slowing across Australia, it’s no wonder Australia first saw a decline in prices.

To better understand how this decline in price increases affected each capital, we calculated the percentage of suburbs within each capital that fell from the peak price in 2021.

Darwin and Perth most strongly indicate that prices have fallen across the capital, with median transaction prices falling from their peak over the past year in about one-third of the suburbs.

One-third of the suburbs of Darwin are past the median peak in 2021.


Melbourne wasn’t too late as the median price of 20% in the suburbs fell from its peak in 2021.

In contrast, in less than a tenth of the suburbs of Brisbane, Adelaide and Hobart, the median transaction price has been below its peak over the past year.

More insights from a team of PropTrack experts:

Price increases have eased nationwide, but these trends prove that demand in the capital, which offers both a seaside lifestyle and relatively affordable prices, remains strong.

Home prices are expected to continue to rise slowly over the next few months after the Australian real estate market has grown rapidly. Interest rate timing and speed add a great deal of unknown to the outlook for the rest of the real estate market in 2022. ..

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