First fall in home prices since the pandemic

After a massive 28.6% gain from their pandemic low – which was the biggest gain over 21 months since 2003 – national average home prices fell for the first time in May since September 2020 based on CoreLogic data. While national average dwelling prices fell 0.1%, they were led by falls of 1% in Sydney and 0.7% in Melbourne. Sydney prices have now fallen for four months in a row and Melbourne prices for three months. Momentum in monthly home price growth has been steadily slowing since it peaked at 2.8% in March last year.

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