Has the housing downturn already begun? Or does it reflect a statistical anomaly? Possibly a bit of both, but there are certainly some significant headwinds facing the Australian housing market.
Nominal dwelling prices are down 1.7 per cent in May, following a fairly modest April outcome. Growth has been particularly weak in Melbourne where prices have fallen by 3 per cent in the month to date to be 4.2 per cent below their March peak.