Property market update: April 2022
We're at the beginning of some big shifting trends in Australian property. Last week, multiple lenders lifted fixed home loan interest rates by up to 75 basis points in some cases. This is a sign that interest rate rises are already happening and are going to keep happening.
Property prices, meanwhile, showed more signs of slowing down. According to the latest Corelogic figures, prices in Sydney fell for the first time in 17 months. Prices also fell in Melbourne but continued to grow in Brisbane, Hobart, Adelaide, Perth, Canberra and Darwin. Overall, national growth in prices last month was just 0.7%, suggesting that the market really is cooling off.
If interest rates continue to rise and everyone's borrowing costs go up, this could hasten this cooling off.
Updated on 04 April 2022 by Finder's home loans editor Richard Whitten.