NATIONAL house prices fell by 0.08 percent on average last month, according to PropTrack’s Home Price Index for January.

There were key differences between NSW metropolitan and regional markets however, with prices in Sydney down by 0.21 percent while average prices across the rest of the state increased by 0.23 people.

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Annual price growth in regional areas grew by 4.47 percent, outpaced the 3.56 percent growth in the capital cities.

The median house price for regional NSW is currently $734,000.

“While housing demand remained resilient to persistent affordability constraints, the pace of home growth slowed throughout 2024, culminating in small falls over the last two months,” Eleanor Creagh from PropTrack said.

“With interest rate cuts on the horizon, the price falls seen over the past two months are likely to be short-lived.”

Heath Jones from Nelson Bay Real Estate believes local prices are “staying constant”.

“Such a small movement doesn’t say much about the local market.

“If interest rates drop, people have more access to money and feel more confident and reassured.”

With a federal election looming, the real estate market and its relation to the cost-of-living crisis is a highly discussed topic.

Policies around negative gearing and interest rates are especially of interest to voters.

“Business always slows down around a federal election,” Mr Jones said.

“People always seem to hold their breath around this time, especially if the major parties discuss changes to interest rates and negative gearing.”

By Joseph RICHARDS