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
4
print
Print
ResidentialDinah Lewis BoucherMon 01 Apr 19

Pace of Housing Downturn Slows in March

e6403f54-67e2-4e29-b589-2514705c1c69

Australia's falling dwelling values slowed its pace in March, but the scope of the downturn has widened geographically, reveals the latest Corelogic figures.

Corelogic’s national home value index results reveals the pace of declining property values eased relative to the past four months, declining 0.6 per cent in March, the smallest of the month-on-month declines since values fell by 0.5 per cent in October last year.

Housing values were down across six of the eight capital cities, with Canberra values holding firm and Hobart values 0.6 per cent higher.

Related: Property Prices Fall at Fastest Rate Since GFC: ABS


Corelogic head of research Tim Lawless said the downturn has become more widespread with dwelling values also down in five of the seven ‘rest of state’ markets over the month.

Most of the “rest of state” regions, the areas outside the capital cities, also recorded a drop in values; with exception to regional Tasmania ( up 0.5 per cent) and regional South Australia ( up 0.3 per cent).

Capital city sub-regions

The weakest areas of the capital cities are now confined to Sydney and Melbourne, reveals the data, with some bias toward the more expensive areas of the cities.

Melbourne’s prestigious inner east has recorded the largest decline in values over the past twelve months (-16.1 per cent) followed by Sydney’s Ryde (-14.7 per cent) and Sydney’s Inner South West (-14.1 per cent).

Dwelling values across the country have now been trending lower for seventeen months and have fallen by a cumulative 7.4 per cent, since peaking in October 2017.

Related: Million Dollar Suburbs Tank as House Prices Fall

CoreLogic says Melbourne’s prestigious Inner East has recorded the largest decline in values over the past twelve months.


Markets, such as Darwin and Perth, where values peaked much earlier have experienced a larger downturn, with dwelling values now down by a cumulative 27.5 per cent and 18.1 per cent respectively since peaking in 2014.

Whereas dwelling values remain at record highs across Hobart and regional Tasmania.

House values dropped slightly in Brisbane, by 0.6 per cent, to be 1.3 per cent lower through the year.

Adelaide was up 0.2 per cent in the month, up by 0.8 per cent over the year.

While the housing market has shown some tentative signs the downturn in dwelling values might be “losing some steam”, Lawless says the housing market's outlook will continue to be affected by “uncertainty related to the federal election, lending policies and more broadly, domestic economic conditions”.

ResidentialAustraliaBrisbaneMelbournePerthAdelaideCanberrado not useReal EstateSector
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
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
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
View All >
SHMH Penrith hero
Residential

First Stage Filed for $1.1bn Penrith Masterplan

Clare Burnett
Sponsored

Bondor Metecno’s MetSeam Elevates Facade Design Style

Partner Content
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
LATEST
SHMH Penrith hero
Residential

First Stage Filed for $1.1bn Penrith Masterplan

Clare Burnett
3 Min
Architecture

Bondor Metecno’s MetSeam Elevates Facade Design Style

Partner Content
5 Min
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
3 Min
Life Sciences

NSW Healthcare Asset Portfolio Comes to Market

Lindsay Saunders
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/housing-downturn-pace-eases-in-march