The CoreLogic daily dwelling values index, which tracks price changes across the five major capital city markets, fell another 0.29% in the week ended 17 November. This was the 28th consecutive weekly decline in values at the 5-city aggregate level:
28th consecutive weekly decline in Australian dwelling values.
The weekly decline in values was broad-based, with every major capital city market recording falls:
Brisbane and Sydney lead weekly price fall.
So far in November, dwelling values at the 5-city aggregate level have fallen 0.56%, led by Brisbane (-0.94%) and Sydney (-0.71%):
All major capital cities down over November.
The quarterly decline in values has moderated to 3.9% at the 5-city aggregate level. with the ‘big three’ markets of Brisbane (-5.6%), Sydney (-4.9%) and Melbourne (-2.9%) leading the declines, and Perth and Adelaide (both -0.9%) holding up better:
‘Big three’ capitals lead quarterly home value declines.
Finally, dwelling values have now fallen 7.3% from their peak at the 5-city aggregate level, with Sydney homes now down 11.0%. Brisbane (-7.4%) and Melbourne (-6.8%) have also posted heavy losses, whereas Adelaide (-1.1%) and Perth (-0.9%) values continue to hold up:
Sydney dwelling value losses hit 11%.
Given Sydney has the nation’s most expensive homes and the most indebted households, it makes that Sydney has experienced the sharpest decline in home values in response to the Reserve Bank of Australia’s aggressive interest rate hikes.
It is also why Sydney is facing a likely 20% peak-to-trough decline in home values this cycle, given it is the most sensitive to increases in mortgage rates.
