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
7
print
Print
Real EstateFri 01 Feb 19

January Kicks Off Weak Start to Housing Market: Corelogic

f8cdc8ab-8018-4894-b7c4-21e1c4514512

Australia's weakening housing market continues to be led by its two largest cities Sydney and Melbourne, where values have fallen by at least 1 per cent on a monthly basis each month since November last year.

The latest Corelogic results take Sydney dwelling values back to July 2016 levels, two-and-a-half years ago.

While Melbourne's market peaked four months after Sydney, its values are now back to January 2017 levels.

Every capital, apart from Canberra, recorded a month-on-month fall in dwelling values.

The latest figures join the chorus of housing market commentary.

Last week NAB said it anticipates house prices to decline further over the next year or so, with peak-to-trough falls of around 15 per cent in Melbourne and Sydney.

And in his latest market update AMP chief economist Shane Oliver revised his forecast lower to total falls of 25 per cent, from earlier predictions of 20 per cent, in Sydney and Melbourne.

Westpac chief executive Brian Hartzer has rejected the “doom and gloom” talk.

Taking into consideration Sydney and Melbourne's surging house price growth, of 75 and 55 per cent, between 2011 and 2017, Hartzer reaffirmed the “adjustments are nothing to be alarmed about”.

Related: Sydney, Melbourne and Brisbane Property Markets

Hobart and Canberra were the two capital cities that recorded a rise in values over the past three months. CoreLogic


While values aren’t falling across every region of the country, Corelogic senior analyst Tim Lawless says it’s clear “even within the areas where values are rising, the market has lost steam”.

Seven of the weakest performing capital city sub-regions are located within the Sydney metro area, while the strongest sub-region performances, outside of Hobart and Canberra, are located in Brisbane and Adelaide.

Melbourne’s prestigious inner eastern suburbs recorded the biggest hit to dwelling values over the past twelve months, down 15 per cent followed by Sydney’s Ryde where values were 13.4 per cent lower, reveals Corelogic.

Related: Australian House Prices Fall Fastest Pace Since GFC

Melbourne's market has fallen 1.6 per cent in a month as housing slowdown continues.


Lawless said the weaker markets are generally confined to the inner and middle ring suburbs of Sydney and Melbourne, while areas synonymous with affordable housing options have seen the reemergence and subsequent demand from the first homebuyer.

“The low rate of annual capital gain amongst the top performing sub-regions highlights that even the areas with the strongest capital gains are predominantly recording growth lower than inflation,” Lawless said.

Related: Housing Market Correction Hits GST Revenue Gains

CoreLogic


The nation's best performing sub-regions outside of the capital cities are mostly located in Tasmania and Victoria.

“As growth slows in Hobart, the pace of capital gains has trended higher across the north east and south east regions of Tasmania where prices are still relatively low and lifestyle properties remain in high demand.”

ResidentialBrisbaneMelbournePerthAdelaideAustraliaCanberraTrend
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
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
Planning

State Goes Public with Plans for 10,000 Victorian Homes

Lindsay Saunders
The state has okayed the 300-home Greenvale North scheme as projects at Ballarat and Warrnambool open for comment...
LATEST
SHMH Penrith hero
Residential

First Stage Filed for $1.1bn Penrith Masterplan

Clare Burnett
3 Min
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
3 Min
Planning

State Goes Public with Plans for 10,000 Victorian Homes

Lindsay Saunders
2 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/january-kicks-off-weak-start-to-housing-market-corelogic