Has the property boom run out of steam?

The Australian real estate market is facing significant headwinds, but whether or not a true downturn is upon us is harder to define, with some statistical anomalies and seasonal factors in the mix.

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.

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