Australian housing values were down 5.3 per cent in 2022. Here’s what’s happening in your area

Australian housing prices were down 5.3 per cent over 2022, marking the first time housing values have fallen over the calendar year since 2018.

But according to new CoreLogic data, house prices generally remain well above pre-COVID levels.

There is a mixed forecast across the country’s capital cities, with values falling most significantly in Sydney and Melbourne, while there was a rise over the year in Adelaide, Darwin and Perth.

The ACT, Hobart and Brisbane saw an annual drop in values.

Despite the downturn in five cities, dwelling values remain 11.7 per cent above where they were before the COVID-19 pandemic, while values across the combined regional markets are still up 32.2%.

Regional South Australia was the stand-out for growth conditions with values up 17.1 per cent through 2022, while regional markets in NSW and Victoria both saw annual falls.

Here’s a look at what’s happening in your area. You can jump to the state or territory you want to read by clicking below.

New South Wales

Sydney’s annual values were down -12.1 per cent annually.

Greater Sydney’s suburb of Fairfield had the highest 12-month annual growth, followed by Wollondilly and Campbelltown.

Housing values in Sydney had their most recent housing value peak in January 2022, while regional New South Wales saw its peak in May 2022.

Victoria

Tim Lawless, CoreLogic’s research director, says Melbourne is an outlier when it comes to property values in relation to the COVID-19 pandemic.

Melbourne’s most recent housing value peak was in February 2022 and regional Victoria saw its peak in May 2022.

In Greater Melbourne, Melbourne City had the highest 12-month annual growth, followed by Wyndham and Melton.

Queensland

Queensland saw mixed results with its housing values, with Brisbane property down 1.1 per cent, but regional Queensland was up 1.9 per cent over the past 12 months.

Ipswich Hinterland saw the most significant growth in Greater Brisbane last year, followed by Beaudesert and Jimboomba.

South Australia

In Adelaide, housing values remain 42.8 per cent above pre-COVID levels, with the gain remaining firm despite interest rate rises.

And, according to Mr Lawless, regional South Australia has also been a stand-out for growth with values up 17.1 per cent through 2022.

CoreLogic data shows regional South Australia is at its cyclical peak, while Adelaide’s most recent housing value peak was in July 2022.

Playford in Adelaide’s north has had the region’s greatest growth in the last 12 months.

Tasmania

Hobart’s housing value was down 6.9 per cent for 2022.

In Greater Hobart, Brighton had the highest annual value growth on dwellings, followed by Hobart’s north-east.

Housing values in Hobart had their most recent peak in May 2022, while regional Tasmania reached its latest peak in June 2022.

Western Australia

Perth saw an annual rise in home values of 3.6 per cent while regional Western Australia saw an increase of 5.7 per cent.

The data shows that Regional Western Australia is at its cyclical peak, while Perth saw its most recent peak in July 2022.

In Greater Perth, Kwinana experienced the greatest annual rise in house values, followed by Mandurah.

Australian Capital Territory

The ACT also saw an annual decline in house values, down -3.3 per cent.

With a median value of around $750,000, Molonglo had the greatest annual change with a 3.5 per cent increase in house values.

The territory’s most recent housing value peak was in June 2022.

Northern Territory

Darwin saw a house value increase of 4.3 per cent in 2022, with Darwin suburbs recording a 5.7 per cent increase.

CoreLogic did not provide any data for regional Northern Territory.

Housing values peaked in Darwin in July 2022.