CoreLogic: House prices collapse in November

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By Leith van Onselen

CoreLogic’s dwelling price results are in for November, with another 0.98% decrease in values recorded over the month at the 5-city level:

It was the 14th consecutive monthly decline in home values, with values down a cumulative 5.8% over that period at the 5-city level:

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Quarterly values also dived another 2.1%, with the trend worsening:

Over the October quarter, values were down heavily across Sydney, Melbourne and Perth:

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In the year to November, home values fell by 5.15% at the 5-city level, driven by Sydney (-7.2%) and Melbourne (-5.6%):

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The next chart, which tracks trend annual price growth, shows a weakening trend also driven by Sydney, Melbourne and Perth:

Similarly, the below chart tracks price growth on a quarterly basis, with the same three markets collapsing:

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Finally, Sydney is following Perth into double-digit peak-to-trough falls, with Melbourne following:

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The crash looks to be on, given the sharp deterioration.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.