CoreLogic’s dwelling price results have been released for March, which reveals another 0.73% decrease in values recorded over the month at the 5-city level:
It was the 18th consecutive monthly decline in home values, with values down a cumulative 9.8% over that period at the 5-city level:
In the first quarter, dwelling values fell by 2.8% across the major capitals:
Over the March quarter, values were down across all major markets, with heavy losses recorded across Sydney, Melbourne and Perth:
In the year to March 2019, home values crashed by 8.6% at the 5-city level, driven by Sydney (-10.9%), Melbourne (-9.8%) and Perth (-7.7%):
The next chart, which tracks trend annual price growth, shows a collapsing trend driven by Sydney, Melbourne and Perth:
However, the below chart tracks price growth on a quarterly basis, which shows a seasonal bounce:
Melbourne, Sydney and Perth have each experienced double-digit peak-to-trough falls, with the 5-city decline following closely behind:
A bonafide property crash is happening right now.
