Melbourne house prices fall for the first time in 14 months

have also slowed dramatically, rising by just 0.3 per cent during the month - its lowest level since October last year when it grew by 0.1 per cent.

Adelaide surged by 23.3 per cent, which was a record high for the capital, while Melbourne grew by 15 per cent. “However, there’s danger in reading too much into the data because the surge in listings in the lead up to Christmas came at a time when buyers normally start to quieten down, so it may have distorted the picture of the Melbourne property market.“But I suspect that it’s all still part of a trend towards slowing growth which will continue this year, so if prices haven’t peaked yet, then I think it’s going to occur sometime in the next couple of months.

Tim Lawless, CoreLogic research director, said the housing markets have started to diverge where the bigger capitals were slowing dramatically while the smaller cities were still powering ahead. “It’s going to be one of the key wild cards for 2022 - how does COVID-19 play out? What kind of policy are we going to see in terms of borders and restrictions?”

Louis Christopher, SQM Research managing director, said the soaring omicron cases could prompt the regulator, Australian Prudential Regulation Authority, to defer further intervention in the near term.

Now, this is interesting. With immigration dead and FHO grants having probably brought forward a lot of demand, is this the start of a waning in demand?

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