Tim Lawless

Sydney has led the housing correction, now 8.6% below its February peak, while last month it was Brisbane that led the fall.

So what do buyers and sellers need to know? For more, I spoke with CoreLogic research director, Tim Lawless.

Tim, first of all, how broad is this housing downturn at the moment?

It's very broad, Ricardo.

So I think that's the challenge, and a lot of, uh, prospective sellers are probably just going to hold off, um, rather than test the market.

They might, uh, just wait until, uh, uh, the market improves a little bit from a selling perspective.

That's Tim Lawless there, the executive research director at Cotality.

Okay, from the housing market to the Australian share market, which was tumbling today, down 2% by the close, and it really was a sea of red with all 11 sectors leading the declines.

Now every capital city except for Darwin, recorded a fall, with our prices increasing by almost 12% on an annual basis.

Joining us on the line is Tim Lawless, Cotality's Research Director.

Good morning to you, Tim.

Good morning, Katie.

And I think the RBA will be quite cautious in the rate cutting cycle whenever that starts as well.

Yeah.

Well, Tim Lawless, I always appreciate your time and your insight.

Thank you very much for having a chat with us this morning.

Sydney has led the housing correction now 8.6% below its February peak, while last month it was Brisbane that led the fall.

So what do buyers and sellers need to know? For more, I spoke with Cotality Research Director Tim Lawless.

Tim, first of all, how broad is this housing downturn at the moment?

It's very broad, Ricardo.

So I think that's the challenge.

And a lot of prospective sellers are probably just going to hold off Rather than test the market, they might just wait until the market improves a little bit from a selling perspective.

That's Tim Lawless there, the Executive Research Director at Cotality.

Okay, from the housing market to the Australian share market, which was tumbling today, down 2% by the close, and it really was a sea of red with all 11 sectors leading the declines.

Now, when you break that down into dollar terms, homeowners are seeing the value of their property shrink by a very significant sum.

And Cotality's Director of Research, Tim Lawless, says across the nation's capitals, 97% of suburbs have recorded declines over the past three months.

We've got a median value in Sydney across all dwellings, so houses and units combined, that's nearly $1.2 million.

So values there have fallen by 8.6%.

In Athelstone in Adelaide's eastern suburbs, a three-bedroom home that mostly had interest from first home buyers was over the weekend snapped up by investors.

CoreLogic's research director, Tim Lawless, says across the capitals, almost every suburb has recorded value declines over the past three months, and that higher interest rates are making it hard for first home buyers to get loans.

We're seeing housing values falling by 1.1% nationally.

This is the sixth month in a row where the market's been down.

Costs, in large part due to higher fuel expenses and weak consumer sentiment, are weighing on prices.

The irony in all this, according to Caritality's research director, Tim Lawless, is that lower prices should help buyers into the market.

But many prospective homeowners don't have the confidence or financial capacity at the moment.

Just a quick look at some of the other numbers.