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.