National house prices are losing steam, with four of the eight capitals recording a fall in values in the quarter. In a market with more listings and lower auction clearance rates, some buyers are considering selling their homes without a real estate agent.
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00:00Nationally, house prices rose 0.1 per cent in November and 5.5 per cent over the year.
00:09But what the data is showing is that the housing market is losing steam and going into 2025,
00:16it's unclear whether we'll see price gains.
00:19There may, in fact, be price falls.
00:22I spoke to CoreLogic's Eliza Owen.
00:24Here's what she had to say.
00:28We've got rising stock levels and fewer buyers than this time last year.
00:33The clearance rate is also lower and that's a really good indicator of where the real
00:37estate market is at.
00:38So the combined capital cities clearance rate has been holding below 60 per cent for the
00:43past six weeks.
00:45So what's the market looking like going forward to next year, Nisim?
00:49So Ros, a lot will depend on the timing of interest rate cuts.
00:53Now we know a lot of the big four banks don't think there'll be rate cuts until May next
00:58year and, you know, that takes time to feed through to house prices.
01:03So CoreLogic's saying it could be seven months before we actually see hefty price gains again
01:09and going into 2025, we might see falls or at least very slower growth than we have been
01:16seeing, particularly compared to the same time last year.