CoreLogic’s dwelling price results are in for June, with a 0.29% decrease in values recorded over the month at the 5-city level:
It was the ninth consecutive monthly decline in home values, with values down a cumulative 2.4% over that period at the 5-city level:
Quarterly values also fell another 0.8%:
Over the June quarter, values were down in Melbourne, Sydney and Perth but rose elsewhere:
In the year to June, home values fell by 1.72% at the 5-city level, driven by Sydney (-4.55%):
The next chart, which tracks trend annual price growth, shows a weak trend across most markets, especially Sydney and Melbourne:
The below chart tracks price growth on a quarterly basis:
Values are now 36.2% above the June 2010 peak at the 5-city level, driven almost entirely by massive growth in Sydney (+60.1%) and to a lesser extent Melbourne (+42.5%), whereas the other major capitals have not done a lot (down in real inflation-adjusted terms):
The above data confirms, yet again, that Sydney and Melbourne have entered a housing correction.
