Housing Market in a ‘Downturn’ but Likely to Be Short-Lived: CoreLogic

National house prices fell 0.1 percent in December, but they still rose 4.9 percent in a year.

A general view of housing in the suburb of North Sydney facing towards the central business district (CBD) in Sydney, Australia, on June 28, 2024. Lisa Maree Williams/Getty Images

Australia’s housing market is slowing down after a long period of growth, but this downturn is likely to be short lived according to property researcher CoreLogic.

The property market analytics company’s latest data shows the national housing index fell 0.1 percent in December following 21 months of growth that drove up housing values 14.3 percent.