Massive drop in housing values – the biggest in 6 years
Here are the latest report on dwelling values across Australia from CoreLogic.
National dwelling values dropped 3.5% from October 2017 to October 2018, according to CoreLogic’s latest report. This is the biggest annual decrease in 6 years and is driven by falls in Sydney, Melbourne and Perth.
CoreLogic’s head of research, Tim Lawless said, “The latest results take the annual decline across the national index to 3.5%, signalling the weakest macro-housing market conditions since February 2012, with our hedonic home value index reporting a 0.5% fall in dwelling values nationally in October.”
How are capital cities performing?
Sydney and Melbourne have suffered the biggest drops in dwelling prices with values in Sydney down 7.4% over the past twelve months, followed by Melbourne which is down 4.7% over the same period.
Annual change in dwelling values from October 2017 to October 2018:
What’s happening in regional markets?
CoreLogic’s data shows a diverse performance in regional Australian areas over the last year, with regional Tasmania and regional Victoria showing strong annual growth, sitting at 11.4% and 7.1% respectively.
Meanwhile regional Western Australia continues to see a decline in values, falling -6.5% over the past twelve months.
Annual change in dwelling values from October 2017 to October 2018:
