CoreLogic weekly house price update: small falls

In the week ended 15 October 2020, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell only 0.01%:

It was the 23nd consecutive weekly decline.

Melbourne and Sydney recorded falls whereas the smaller major capitals recorded rises:

So far in October, Dwelling values have fallen only 0.05% at the 5-city level, again with Melbourne and Sydney falling and the other major capitals rising:

Quarterly value declines are slowing, driven by Melbourne and Sydney:

Whereas annual price growth continues to fade:

The next chart plots month-end price growth across the major capitals (to end-September), which shows the down turn across Sydney and Melbourne:

Finally, dwelling values are down 3.1% from their pre-COVID peak, driven by Melbourne (-6.0%):

Clearly the weekly movements show that the Australian property market is stabilising with the smaller capitals leading the way.

Unconventional Economist
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