CoreLogic has released its daily dwelling values index for 30 November, with home values falling 1.1% over the month across the five major capital cities.
This represented the seventh consecutive monthly decline in dwelling values at the 5-city aggregate level:
Over the month of November, home values fell sharpest across Brisbane (-1.8%) and Sydney (-1.3%), whereas values across Perth were flat (0%):
Over the November quarter, home values were down 3.5% at the 5-city aggregate level, driven by the ‘big three’ capitals of Brisbane (-5.3%), Sydney (-4.4%) and Melbourne (-2.7%). By contrast, values in Adelaide (-0.8%) and Perth (-0.5%) continue to hold up:
Dwelling values have now declined 7.6% from their April peak at the 5-city aggregate level, with Sydney (-11.4%), Brisbane (-7.9%) and Melbourne (-7.1%) leading the falls and Adelaide (-0.9%) and Perth (-0.7%) down only slightly:
With the Reserve Bank of Australia tipped to lift interest rates further next week and early next year, Australian home values will continue to fall.
The only ‘upside’ is that the pace of decline has moderated, as illustrated in the first chart above.
Later today or tomorrow, CoreLogic will release its full results capturing the smaller capital cities and regions.
