Australian property values dive 0.8% in July

CoreLogic’s dwelling value results for July are out at the 5-city level, with values falling 0.83% over the month, driven by Melbourne and Sydney:

It was the third consecutive monthly decline:

Over the July quarter, dwelling values fell by 2.1% across the major capitals:

Melbourne has suffered the biggest quarterly falls, followed by Perth and Sydney:

The next chart plots quarterly price growth by major capital, which shows the sharp falls:

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 bust is on, led by Melbourne. The big test will come in October as emergency income support and mortgage freezes are wound down.

Unconventional Economist
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