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The New Daily
The New Daily
Business
Matthew Elmas

‘Two-speed market’: Property prices are falling as rates rise, but not everywhere

Paul Ryan Interest Rates PropTrack Pandemic Housing Market Australia Melbourne Reserve Bank Sydney
Property prices have started falling nationally, but there are still opportunities for buyers. Photo: TND

Australia’s housing market has started falling from its pandemic highs, with property prices down 0.11 per cent in May amid rising interest rates.

Figures published by REA Group’s PropTrack on Wednesday reveal the housing market has gone backwards for the first time since the middle of 2020, led by the two largest capital cities of Sydney and Melbourne.

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