Despite the slowdown Corelogic said this did not necessarily mean housing markets and prices were heading for a slowdown.
Annual dwelling sales in capital city areas in the year to April 2017 were just over 300,000 and about 175,000 in regional areas. This represented a 9 per cent fall in dwellings sales in the capital city areas compared to a year ago, and no change to regional sales.
While the Australian Prudential Regulation Authority's clampdown on investor lending has, to some extent, slowed down buyer interest, the lower transaction volumes were more likely to reflect lower listings and a lack of housing stock, Corelogic head of research Tim Lawless said.
"The APRA changes in 2014 had an effect in 2015 and 2016 ... prior to peaking in 2015, they comprised close to 55 per cent of the market. Limiting investor demand had some impact on the market," he said.
"We also saw APRA do something at the end of March this year ... and mortgage rates have risen [out of cycle] ... and that must have an impact on buyer demand."
Sydney and Melbourne prices were cooler in April mainly due to a fall in apartment prices, Corelogic's latest housing index shows.
There was no increase in Sydney's overall house price in April while Melbourne's house price rose by only 0.5 per cent. Sydney and Melbourne apartment prices fell 1.2 per cent and 0.9 per cent respectively.
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