CoreLogic Weekly Australian house price update: more rises

In the week ended 1 August 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, rose another 0.05%:

It was the third consecutive weekly rise.

The growth in values across the five major markets was driven by Sydney and Melbourne, which more than offset losses across the other major markets:

The quarterly decline is running at 0.45%, with all major markets except Melbourne suffering losses:

Annual losses are running at 7.5%, driven by Sydney, Melbourne and Perth:

The next chart plots month-end price growth across the major capitals, which shows a modest rebound across Sydney and Melbourne, and stabilisation at the 5-city level:

Finally, dwelling values have fallen by 10.7% since their most recent peak, led by Sydney (-14.8%), Melbourne (-10.8%) and Perth (-20.1%):

Sydney’s and Melbourne’s markets look to finally have bottomed, as reflected by surging auction clearance rates albeit on weak volumes:

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