Melbourne property values hit by highest quarterly downturn: CoreLogic
National dwelling values have dropped for the 11th consecutive month, according to CoreLogic's latest Home Value Index results.
There were falls across five of Australia's eight capital cities, with only Canberra, Darwin and Adelaide showing improvement.
Over the quarter, Melbourne has been hit the hardest, seeing dwelling price falls of two percent, the weakest rolling quarterly result since the three months ending January 2012.
Dwelling values in the Victorian capital dropped 0.6 percent in August, the worst performing capital along with Perth.
Sydney's 0.3 percent drop in August saw its quarterly values drop 1.2 percent, taking its annual change to dwelling values down 5.6 percent.
Click here to enlarge.
Since peaking in September last year, dwelling values have been consistently tracking lower, down a cumulative 2.2 percent through to the end of August.
CoreLogic head of research Tim Lawless said, “Weaker housing market conditions can be tied back to a variety of factors, foremost of which is the tighter credit environment which has slowed market activity, especially amongst investors.
"Fewer active buyers has led to higher inventory levels and reduced competition in the market.
"Collectively, these factors have been compounded by affordability challenges, reduced foreign investment and a rise in housing supply.”
Click here to enlarge.
