CoreLogic’s dwelling price results are in for April, with a 0.31% decrease in values recorded over the month at the 5-city level, driven by Melbourne and Sydney:
It was the seventh consecutive monthly decline in home values, with values down a cumulative 1.9% over that period at the 5-city level:
Quarterly value are also down 0.8% – a far cry from the 2.0% to 4.2% growth recorded over the 2016-17 financial year:
Over the April quarter, values were down everywhere except Brisbane and Perth:
In the year to April, home values fell by 0.42% at the 5-city level, driven by Sydney (-3.37%):
The next chart, which tracks trend annual price growth, shows a weakening trend across most markets, especially Sydney and Melbourne:
The below chart tracks price growth on a quarterly basis:
Values are now 36.9% above the June 2010 peak at the 5-city level, driven almost entirely by massive growth in Sydney (+61.0%) and to a lesser extent Melbourne (+43.8%), whereas the other major capitals have not done a lot (down in real inflation-adjusted terms):
The above data confirms Sydney has well and truly entered a housing correction, whereas Melbourne appears to be following in its wake.
