CoreLogic’s dwelling value results for June are out at the 5-city level, with values falling 0.85% over the month amid universal declines:
It was the second consecutive monthly decline:
Over the June quarter, dwelling values fell by 0.4% across the major capitals:
Melbourne has suffered the biggest quarterly falls:
The next chart plots quarterly price growth by major capital, which shows the sharp slowdown:
In the year to June 2020, home values rose by 9.0% at the 5-city level, driven by Sydney (+13.3%) and Melbourne (+10.2%), whereas Perth was still in the red (-2.5%):
The next chart, which tracks trend annual price growth, suggests the Australian housing market has hit a turning point, led by Sydney and Melbourne:
Australian housing correction is clearly underway. The big test will come in October if emergency income support and mortgage freezes are abruptly unwound.