Although Australian house prices are trending downward at their fastest pace in a decade, Domain has argued the property market is simply going from red hot to normal. Jason Pellegrino said although listing and transaction volumes were still high over the second half of the last financial year, there was "a tempering of the overall heat" in the market. "Prices have started to decline, listing activity has started to temper as well," he told ABC's The Business program. "We are looking at a return to more seasonal patterns and more average listing volumes and market activity over the course of the next 12 months. It is the largest year-over-year increase in property listings since 2010, up 4.9% from last year. Stock levels in Sydney have increased by 30.7% compared to lockdown-affected levels in July 2021, their largest annual increase ever. House prices will likely continue to fall due to a surplus of housing on the market coupled with weaker demand.

*Written by Michael Figueira | Residential Sales

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