This month we’re covering up on housing market trends through to the end of March, which show a moderation in the rate of value decline, but a broadening of the geographic scope of weaker conditions. Although the CoreLogic national hedonic index series trended lower in March, the actual rate of decline has been easing over the past three months.
National dwelling values are down by 0.6% in March, which was the smallest of the month-on-month declines since values fell by a half percent in October last year. While the pace of falls has slowed in March, the scope of the downturn has become more geographically widespread.
“Dwelling values have been down in 6 of the 8 capital cities over the month, with Canberra values holding firm and Hobart values were 0.6% higher.”
Most of the rest of state regions also recorded a fall in values. The exceptions where regional Tasmania or values half a percent higher, and regional South Australia with values were up by three tenths of a percent.
Premium dwelling values continue to record much larger value falls than those of more affordable housing.
● Sydney dwelling values have fallen by -3.2% over the first quarter of 2019 and they are -10.9% lower over the past year. Sydney dwelling values are now -13.9% lower than their July 2017 peak.
● Dwelling values in Melbourne have fallen by -3.4% over the 3 months to March 2019 and they are -9.8% lower over the past year. Values in Melbourne have now fallen by -10.3% since they peaked in November 2017
● Brisbane home values fell -0.7% over the three months to February 2019 and they were -0.5% lower over the past year. Brisbane dwelling values are now -1.0% lower than their April 2018 peak.
● Dwelling values in Adelaide fell by -0.5% over the three months to March 2019 however, they are 0.8% higher over the past year. Adelaide house values were 0.7% higher over the past year while unit values were 1.2% higher
● Perth dwelling values fell by -2.9% over the three months to March 2019 and they are -7.7% lower over the past year. Dwelling values in Perth are now -18.1% lower than they were at their peak in June 2014.
● Dwelling values in Hobart rose 1.2% over the 3 months to March 2019 and are 6.0% higher over the past year. Over the past 12 months, house values have increased 5.7% and unit values are 6.9% higher.
● Darwin dwelling values fell by -3.9% over the three months to March 2019 and they are -6.8% lower over the past year. Dwelling values in Darwin are currently -27.5% lower than their historic peak.
● Dwelling values in Canberra were unchanged over the three months to March 2019 and they are 3.1% higher over the past year. House values have increased by 3.9% over the year while unit values rose 0.2%.
Transaction numbers remain lower than a year ago and well below the decade average due to significant falls in settled transactions across Australia’s two largest cities
Check the complete report at https://www.corelogic.com.au/reports/housing-market-update.