CoreLogic’s daily dwelling values index, which measures price changes across Australia’s five major capital city markets, fell another 0.31% in the week ended 13 October, which was the 23rd consecutive weekly decline:
23rd consecutive week of house price falls.
Brisbane (-0.63%) led the price falls, followed by Melbourne (-0.32%) and Sydney (-0.29%):
Brisbane leads weekly price fall.
Dwelling values at the 5-city aggregate level have fallen 0.49% so far in October, led by Brisbane (-0.82%) followed by Sydney (-0.60%) and Melbourne (-0.44%). By contrast, Perth (+0.10%) and Adelaide (+0.01%) have posted small increases this month:
Brisbane leads October house price declines.
On a quarterly basis, dwelling values have declined by 4.3% at the 5-city aggregate level, led by Sydney (-5.9%), Brisbane (-5.1%) and Melbourne (-3.6%):
‘Big 3’ drive Australia’s housing correction.
Finally, dwelling values have fallen 6.2% from peak at the 5-city aggregate level, with Sydney (-9.7%), Melbourne (-6.1%) and Brisbane (-5.5%) driving the price correction:
Sydney leading Australia’s house price bust.
While Brisbane was slower to join Australia’s house price correction than Sydney and Melbourne, its current swift pace of decline makes sense given the aggressiveness of the Reserve Bank of Australia’s (RBA) monetary tightening, alongside the fact that Brisbane housing experienced the sharpest price growth in the nation (circa 40%) over the pandemic.
Brisbane housing values rose the fastest when the RBA slashed rates to record lows over the pandemic. Now, prices are plummeting in response to the sharp lift in interest rates.
