Prices for one type of property were booming. Now they’re losing steam

House prices at the top end of the property market led the price rebound, but gains are now losing steam.

The upper quarter of the market typically leads property cycles, including earlier this year. But prices for these homes have lifted 2.3 per cent over the past three months, on CoreLogic data, less than half the pace of this autumn. Stronger conditions were now generally in the middle of the market for Sydney and Melbourne, and the lower quarter for Adelaide, Brisbane, Perth and Hobart, Lawless said.

Across the capital cities combined, price growth has accelerated at the lower end of the market, with house values lifting 4.1 per cent over the past three months. Values in the middle market lifted 2.8 per cent, down from a peak of 3.4 per cent earlier this year.Lawless said reduced borrowing power and rising prices had likely pushed more buyers towards the middle of the market, while the lowest quarter was being better supported in some cities by greater first home buyer activity.

“The fact that price growth is still happening would suggest it’s a more balanced market rather than a buyer’s market,” he said.

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