CoreLogic weekly Australian house price update: Free fall

By Leith van Onselen

In the week ended 28 March 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell another 0.24%:

Values fell across all major markets except Adelaide:

So far in March, dwelling values have fallen by 0.75%, driven by Sydney and Melbourne:

The quarterly decline is running at 2.90%, with Sydney, Melbourne and Perth suffering heavy losses:

Over the past 12 months, home values have fallen by 8.6%, again driven by Sydney, Melbourne and Perth:

The next chart plots price growth across the major capitals, which shows prices falling fast in Sydney, Melbourne, and Perth, whereas they are rising flatlining elsewhere:

As shown below, dwelling values have fallen by 9.8% since their most recent peak, led by Sydney (-13.9%), Melbourne (-10.3%) and Perth (-18.3%):

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