CoreLogic’s dwelling value results for May are out at the 5-city level, with values falling 0.48% over the month led by a heavy 0.91% decline across Melbourne:
It was the first monthly decline since June 2019:
Over the May quarter, dwelling values rose by 0.4% across the major capitals, with growth slowing fast:
Falls across Melbourne dragged the 5-city index down, offsetting decent quarterly rises across Sydney, Brisbane and Adelaide:
The next chart plots quarterly price growth by major capital, which shows the sharp slowdown:
In the year to May 2020, home values rose by 9.9% at the 5-city level, driven by Sydney (+14.3%) and Melbourne (+11.7%), whereas Perth was still in the red (-2.1%):
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 is clearly in a bear market. How long and deep it runs is anybody’s guess and will depend largely on how the economy rebounds as it opens back up.