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ustralia's housing market is losing momentum with house prices growing just 0.1% nationally in the last month of spring - the weakest result since January 2023, according to CoreLogic data. This follows a year-on-year growth rate of 5.5%, with the median value of housing now standing at $812,933.

    Melbourne recorded a 0.4% fall over the month and a 2.3% decline over the past year, while Sydney's values fell in October and November after likely reaching their peak in August. Four capital cities - Melbourne, Darwin, Sydney, and Canberra - saw a quarterly decline in house prices.

    CoreLogic head of research Eliza Owen notes that this could be the last monthly increase for a while due to economic conditions putting pressure on households and buyer demand decreasing. A downswing phase is expected, with four capital city markets now in quarterly decline.

    The slowdown in growth comes as more owner-occupiers and investors consider selling, leading to an increase in advertised stock levels across capital cities. Listings are up 16% since the end of winter, with Perth and Adelaide recording the largest lifts.

    AMP chief economist Shane Oliver notes that affordability is becoming a concern for would-be buyers, with a "huge divergence" between what buyers can afford and current home prices. This could lead to lower average property prices as saving buffers run out and unemployment rises.

    In this buyer's market, some people are considering selling their homes without an agent. However, comedian Brett D'Souza, who attempted to sell his Melbourne home on his own last year, advises doing thorough research, pricing realistically, and following up with interested buyers.

    Despite the challenges in the housing market, CoreLogic's Eliza Owen expects house price falls next year due to interest rate cuts forecast for later in 2025. The Reserve Bank may not deliver a cash rate cut until May 2025, according to three of the big four bank economic teams.