Annual house price falls punch through -8%

By Leith van Onselen

The weekend ushered in another ominous milestone for Australia’s housing market, with annual value falls across the five major capitals busting through 8%:

Here’s how the 5-city annual value declines look on a chart:

As you can see, the pace of losses has accelerated in annual terms, but has moderated slightly in quarterly terms (see below):

That said, quarterly losses are still running at -3.38%, which is extreme. Moreover, the current 5-city decline is the worst on record at -9.2%, according to CoreLogic:

The Great Australia Housing bust rolls on!

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