CoreLogic weekly house price update: Heavy falls

In the week ended 28 May 2020, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell by 0.27%:

It was the third consecutive weekly decline.

The falls were driven by Sydney and Melbourne:

Over the first four weeks of March, dwelling values have fallen by 0.44% at the 5-city level, driven by especially heavy falls in Melbourne:

Quarterly dwelling value growth continues to slow, with Melbourne 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 the strong rebounds across Sydney and Melbourne following last year’s federal election; although Melbourne was starting to fall:

Finally, dwelling values are down by 1.4% since their most recent peak, driven by Sydney (-2.7%) and Perth (-20.8%):

Leith van Onselen

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