Aussie property values dive 0.9% in June

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.

Unconventional Economist
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