Sydney and Melbourne Lead Decline

Australian dwelling values have continued to trend lower last month with CoreLogic’s National Dwelling Index recording weakest month-on-month conditions in dwelling values since the Global Financial Crisis.

National dwelling values stood 0.7% lower over the month. National dwelling value is down 4.2% since peaking in October 2017, reducing back to levels last seen in December 2016.

This was led by larger falls in Sydney and Melbourne – where the pace of decline is accelerating.

This is largely confined to Sydney and Melbourne, which together comprise 55% of the value of Australia’s housing asset class.

Since peaking in 2017, Sydney’s housing market is down by 9.5%. While Melbourne, which peaked four months later in November 2017, has since fallen by 5.8%.