In the week ended 6 June 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell by 0.08%:
Values fell across all major markets except Adelaide:
The quarterly decline is running at 1.67%, with all major markets suffering losses:
Annual losses are running at 8.8%, driven by Sydney, Melbourne and Perth:
The next chart plots month-end price growth across the major capitals, which shows prices falling in Sydney, Melbourne, Perth, and Brisbane whereas they are flat in Adelaide:
Finally, dwelling values have fallen by 10.7% since their most recent peak, led by Sydney (-15.0%), Melbourne (-11.2%) and Perth (-19.4%):
With negative gearing reform off the table, APRA lowering its interest-rate buffer and lowering small bank mortgage capital requirements, first home buyer subsidies coming, and interest rate cuts, we expect house prices to find their bottom in the second half.