House prices increased by just 0.1 percent, the weakest result since January 2023, according to CoreLogic data.

National house prices are losing momentum and expected interest rate cuts are unlikely to halt the fall in house prices next year.

New data from CoreLogic shows house prices rose 0.1% nationally in the final month of spring – the weakest Australia-wide result since January 2023.

Nationally, prices rose 5.5 percent over the year and the median home value now stands at $812,933.

Melbourne, where housing values ​​have fallen in 10 of the past 12 months, recorded a 0.4 per cent fall over the month, pushing values ​​down 2.3 over the past year.

In Sydney, CoreLogic says August likely marked the peak of the cycle, with values ​​falling 0.1 per cent in October and 0.2 per cent in November.

On a rolling quarterly basis, four of the eight capital cities recorded a decline in their values, topped by Melbourne (down 1 per cent) and joined by Darwin (down 0.7 per cent), Sydney (down 0.7 per cent), 0.5 percent) and Canberra (down 0.3 percent). hundred).

Eliza Owen, head of research at CoreLogic, said that nationally it was the 22nd consecutive month of growth, but it could not be expected to continue.

“There are many signs that the downturn in the cycle is upon us, and we currently have four capital markets falling quarterly.”

‘A buyer’s market’ as more homes go up for sale

The slowing pace of growth comes as more owner-occupiers and investors consider selling, with Melbourne and Sydney losing the most momentum.

CoreLogic says that based on the volume of homes and units advertised for sale in the four weeks ending November 24, listings in the capital have increased by 16 per cent since the end of winter.

Perth (up 33 per cent) and Adelaide (25 per cent) recorded the largest increase in reported stock levels during the spring season.

Registrations in Sydney and Melbourne are now 10.4 per cent and 9.1 per cent above their previous five-year averages, to be at their highest level for this time of year since 2018.

Ms Owen says the market is proving to be a better market for buyers than sellers.

“The liquidation rate is also lower, and this is a very good indicator of the state of the real estate market.”

The capital cities’ combined clearance rate has remained below 60 per cent over the past six weeks and median sales times tend to be higher for over-the-counter sales.

Should you consider selling your house without an agent?

In this so-called better market for buyers, some people are looking to sell their homes without an agent.

Comedian and actor Brett D’Souza tried to sell his house in the northern Melbourne suburb of Brunswick on his own, without an agent, last year, as property prices began to fall.

He says he picked the wrong time to sell and made other “mistakes” that he has learned from, but he wouldn’t discourage others who are considering selling without an agent.

D’Souza had hoped to raise $1.8 million for the property.

In May 2023, he launched what he dubbed “Australasia’s biggest house sale”, creating his own marketing campaign through a YouTube series that included comedy stunts and mocking agents.

In one of the videos, he called real estate agents “charlatans.”

When asked months later why he made this characterization, he replied: “The whole ‘low price, watch it go’ philosophy is a strange thing.”

“There are laws in place to stop undercutting, but it’s endemic,” D’Souza says.

The videos brought D’Souza more followers and ended up functioning as a sort of showreel for his comedy career.

But they also deterred serious buyers: D’Souza says many people didn’t think the house was actually for sale.

“Legitimacy was an issue,” he told ABC News.

“The other thing I wanted to do was promote my filmmaking skills… but that probably didn’t help sell the house, I’ll be honest.”

Eventually, D’Souza had to call an agent.

With the help of one, he sold his house in August for $1.39 million.

“It was an unrealistic expectation,” he says, noting that he put his house up for sale as interest rates were rising.

Another mistake he thinks he made was not following up with interested buyers.

“I think I crossed the line with silliness and comedy and cinema – 100 percent,” he says.

“For anyone wanting to sell their house, I think it’s definitely doable. You just have to do the paperwork and follow up and make sure that anyone who comes in — calls them (afterward).

“The hardest thing about selling a home is cleaning up for open inspections.”

D’Souza urges anyone looking to sell on their own to “do your research” and “set a realistic price.”

“It’s not brain surgery,” he says.

“Make sure what you’re looking for is reasonable. In hindsight, I would just try to sell a year earlier, when interest rates were still at 1 percent – it’s so much about timing.

“The first time I did it (tried to list the house for sale), I took pictures with my iPhone. Not a good decision. Hire a photographer, which do a lot of these companies.”

Real estate prices expected to fall in 2025

Whether people use an agent or not, CoreLogic’s Eliza Owen says drops in house prices are expected next year.

Ms Owen says interest rate cuts planned for later next year will help boost buyer demand, but given “the expectation of a rate cut appears to be increasingly remote in the short term , I don’t see this weakening trend in Australia’s property market is recovering.”

Three of the big banks’ four economic teams now believe the Reserve Bank will not make a 0.25 percentage point cut until May 2025.

The CBA still expects the first interest rate cut to take place in February next year.

“I think we will continue to see declines in many of our capital cities and a slowing rate of growth in Perth, Brisbane and Adelaide,” Ms Owen said.

Ms. Owen also notes that there is “a lot of uncertainty in 2025 – not only regarding domestic economic conditions, but also geopolitical risks. The threat of tariffs and how that affects our economy with our major trading partners.”

For now, the pace of capital gains in Perth continues to lead the country, with values ​​up 1.1 per cent over the month and 3 per cent over the quarter.

But CoreLogic suggests this is the lowest rise in a rolling three-month period since April 2023 and less than half the growth rate recorded in the June quarter, at 6.7%.

Brisbane’s quarterly growth rate was 1.8 per cent, the slowest pace of growth since March 2023, while the 2.8 per cent rise in values ​​in Adelaide over the past three months was the lowest since June 2023.

Rents are also experiencing stable figures.

The national rent index continued its relatively steady growth, increasing by 0.2 per cent in November to reach 5.3 per cent over the past 12 months.

This annual change in national rents is the lowest since April 2021.

A year ago, rents were increasing at an annual rate of 8.1 percent, and more than 9 percent in the previous two years.