At the same time, housing prices in Perth and Darwin have continued to decline. Lower interest rates have not been enough to outweigh the impact of other drivers of housing prices in those two regions including sharply lower population growth. Conditions in other cities have been more subdued, both on the way up and on the way down.
Turnover in the housing market declined to historically low levels earlier in the year, and has only just begun to rise off those lows despite the turnaround in the price cycle. Turnover fell to the lowest it has been as a share of the housing stock in more than three decades (Graph 5).