CoreLogic weekly Australian house price update: Falls coast to coast

By Leith van Onselen

In the week ended 25 January 2017, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell another 0.21%:

Values fell across all major markets except Brisbane:

So far in January, home values have declined by 0.34%, driven by Sydney and Perth:

Over the past 12 months, home values have risen by 3.4%, driven by Melbourne:

The next chart plots price growth across the major capitals. As you can see, prices continue to fall in Sydney, have finally started falling in Melbourne, and are fairly flat elsewhere:

Quarterly growth rates are falling everywhere, with Sydney’s values falling sharply:

Values are now up 38.1% since the 2010 peak at the 5-city level, driven overwhelmingly by exceptionally strong gains in Sydney followed by Melbourne. Again, there has been little movement elsewhere (down in inflation-adjusted terms):

The major capital city home values have now gained 48.1% since bottoming nationally in May 2012:

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