Near double-digit downturn predicted in pockets of Sydney: CoreLogic-Moody's Analytics

Near double-digit downturn predicted in pockets of Sydney: CoreLogic-Moody's Analytics
Near double-digit downturn predicted in pockets of Sydney: CoreLogic-Moody's Analytics

Having soared since the start of 2013, Sydney housing market values are dropping at an alarming rate.

In January dwelling values across Sydney fell 0.9 percent, the fifth consecutive monthly decline.

CoreLogic-Moody's Analytics forecasts house prices in Sydney's inner circle could see double digit price declines, with further declines in some areas rolling in to 2019.

Nearly every Greater Sydney region saw double digit growth last year, but now on average are expected to see around four percent losses.

Apartments are also expected to slow, but not as sharply, with a 0.3 percent expansion expected in 2018, from the 9.8 percent growth in 2017.

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Near double-digit downturn predicted in pockets of Sydney: CoreLogic-Moody's Analytics

The regions further outside of Sydney city are predicted to only see small drops, while the likes of Sydney's inner areas are touching the 10 percent decline mark.

The rest of New South Wales, such as Coffs Harbour and Newcastle are expected to continue to see strong price growth.

Elsewhere in the country CoreLogic-Moody's found softness in Melbourne and Brisbane, with declines in Perth, Canberra and Darwin.

Home values in Hobart and Adelaide are defying the trend and continue rising.

House values in Melbourne are forecast to increase three percent in 2018, although declines are forecast for Inner Melbourne. Melbourne’s apartment market is expected to hold up and gain 5.2% in 2018.

House values across Brisbane are forecast to gain a mild 1.8% in 2018, with strength in West Brisbane and Inner Brisbane offsetting declines in South Brisbane and Logan-Beaudesert areas.

Brisbane’s apartment values are tipped to rise this year, driven by recovery in North Brisbane apartment values. Apartments in East Brisbane and West Brisbane are still expected to post mild declines.

House values in Perth will have another year of decline, with a 1.9% decline forecast for this year before a 1.2% recovery in 2019, driven by the steadily recovering local economy.

Meanwhile Adelaide’s housing market will extend its remarkable run, albeit at a moderating pace.

House values in Adelaide are forecast to rise 2.6% in 2018, following a 4.9% gain in 2017.

Canberra’s housing market will similarly slow down, with values forecast to rise 4.8% in 2018 after an 8.7% gain in 2017.

  

 
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Price Decline Corelogic

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