The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
41
print
Print
OtherDinah Lewis BoucherMon 03 Sep 18

Australian House Prices Slip for 11th Consecutive Month

fc57e8a1-60d3-4392-aed4-d16640b0c46d

Australia’s dwelling values have tracked downwards for 11 consecutive months reflecting the nation’s weaker housing market and the ongoing implications of tighter lending conditions, according to Corelogic.

Melbourne and Sydney, where dwelling values rose rapidly, now lead the housing market slowdown as the housing correction continues.

Corelogic says Sydney and Melbourne are now home to Australia’s weakest housing markets, dropping by 3.5 per cent and 3.3 per cent respectively over the first eight months of this year.

Sydney’s 5.6 per cent annual fall is the sharpest since March 2009, while Melbourne’s annual fall of 1.7 per cent is the worst in five years.

The two capital cities make up 60 per cent of Australia’s housing market by value and 40 per cent by number.

Related: Australia’s Top Performing Suburbs Revealed

Corelogic’s Tim Lawless says the overall housing market weakness is heavily concentrated across the premium sector of the market.

Corelogic’s hedonic index recorded a 5.4 per cent drop in values across the upper quartile of the combined capitals over the past 12 months.

This in comparison to the middle market down only 0.5 per cent and the most inexpensive quartile increasing 0.6 per cent in values.

“The trend towards more robust housing market conditions for affordable properties can be seen geographically as well, with the top ten capital city sub-regions, based on an annual capital gain, generally located in more affordable areas such as Hobart, the outskirts of Melbourne and parts of Brisbane and Adelaide,” Lawless said.

“On the other hand, the weakest performing sub-regions are primarily located across Sydney as well as Melbourne’s prestigious inner East.

Lawless believes these stronger market conditions across Australia’s more affordable areas will likely result in a rise of first home buyers in the market.

“As well as changing credit policies focused on reducing exposure to high debt-to-income ratios.”

Over the three months to August, the Corelogic report found Adelaide was the best performing capital city (+0.5 per cent), and Melbourne was the weakest performing capital city (-2.0 per cent).

While Darwin recorded the nation's highest rental yield at 5.6 per cent and Melbourne the lowest at 3.1 per cent.

Five of Australia’s major capital cities recorded a fall in dwelling values over the month, whereas Adelaide (0.3 per cent), Darwin (0.1 per cent) and Canberra (0.5 per cent) were the only three to record an uptick for the period.

OtherAustraliaOther
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
a land lease community home in white at a gemlife development, a type of home which could be the answer to the housing crisis
Residential

‘We are the Solution’: Land Lease Shake-Up Stirs into Life

Renee McKeown
5 Min
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
View All >
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
Legal

Court Freezes Assets as $160m Property Scheme Unravels

Vanessa Croll
Industrial

Centennial’s Paul Ford: From Vision to Industrial Vanguard

David Di Marco
The sector heavyweight will explore market shifts, last-mile growth and capital strategies at our Industrial Summit next…
LATEST
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
2 Min
Legal

Court Freezes Assets as $160m Property Scheme Unravels

Vanessa Croll
2 Min
Industrial

Centennial’s Paul Ford: From Vision to Industrial Vanguard

David Di Marco
3 Min
Planning

Bipartisan NSW Planning Reform a Welcome Surprise

Patrick Lau
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/australias-home-prices-slip-for-11th-month-in-a-row-corelogic