CoreLogic weekly house price update: falls steepen

In the week ended 21 May 2020, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell by 0.19%:

All major markets except Adelaide registered falls:

Over the first three weeks of March, dwelling values have fallen by 0.17% at the 5-city level, driven by heavy falls in Melbourne:

Quarterly dwelling values continue to rise, driven by Sydney, whereas Melbourne is now falling:

Annual price growth remains strong, driven by Sydney and Melbourne:

The next chart plots month-end price growth across the major capitals (to end-April), which shows strong rebounds across Sydney and Melbourne, which have driven an increase at the 5-city level; although Melbourne was fading:

Finally, dwelling values are down by 1.4% since their most recent peak, driven by Sydney (-2.2%) and Perth (-20.5%):

 

Leith van Onselen
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