CoreLogic’s daily dwelling values index, which measures price changes across the five major capital city markets, declined by 0.31% in the week ended 1 December. This was the 30th consecutive weekly decline and the steepest since the week ended 29 September:
30th consecutive weekly decline in house prices.
The decline in values at the 5-city aggregate level was once again driven by the ‘big three’ capitals of Sydney (-4.0%), Melbourne (-0.33%) and Brisbane (-0.33%). By contrast, Adelaide values only fell 0.05% and Perth values rose 0.09%:
‘Big three’ capital cities continue to drive price falls.
Over the quarter, dwelling values have fallen 3.5% at the 5-city aggregate level, with Brisbane (-5.3%) the biggest loser, followed by Sydney (-4.4%) and Melbourne (-2.7%). By contrast, Adelaide (-0.8%) and Perth (-0.5%) are down only marginally:
Brisbane leads quarterly losses.
Finally dwelling values have now fallen 7.8% from peak at the 5-city aggregate level, with Sydney (-11.5%) leading the decline and Brisbane (-8.2%) catching up fast:
Sydney leads national decline-from-peak.
With the Reserve Bank expected to hike interest rates another 0.25% at Tuesday’s monetary policy meeting, Australian house prices will continue to fall.
