Melbourne's inner east the nation's weakest house price market in 2018: CoreLogic

Melbourne's inner east the nation's weakest house price market in 2018: CoreLogic
Melbourne's inner east the nation's weakest house price market in 2018: CoreLogic

Melbourne's house value decline accelerated to 9.1 percent in late 2018, according to CoreLogic.

Melbourne’s top quartile housing market led the way with dwelling values down 11.2 percent over the year, while the lower quartile of the market has remained in subtle growth territory over the year (+0.5%).

Melbourne values are down 7.2% since peaking in November 2017. 

At the end of 2018, Melbourne values are back to February 2017 levels, Tim Lawless, the head of research at CoreLogic said.

The 7.2 percent Melbourne decline from its peak 13 months ago compares with Sydney's 6.9 percent dip when it was 13 months into its downturn.

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Melbourne's inner east the nation's weakest house price market in 2018: CoreLogic

Melbourne's inner east was the nation's worst performing housing market in 2018, according to CoreLogic.

The region saw declines of 13.4 percent.

The worst performing list, dominated by Sydney suburbs, only had one other Melbourne suburb, the inner south, which saw 10.5 percent decline.

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Melbourne's inner east the nation's weakest house price market in 2018: CoreLogic

Melbourne's inner east comprising of the likes of Doncaster, Hawthorn, Surrey Hills and Park Orchards.

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Melbourne's inner east the nation's weakest house price market in 2018: CoreLogic

This time last year, at the end of 2017 Tim Lawless noted that the 2017 shift to falling national dwelling values was being driven by the capital cities, with the combined capitals tracking half a percent lower over the December quarter, while across the combined regional areas of Australia, values were half a percent higher over the quarter.

Amongst the capitals, the weakest end of 2017 year conditions were concentrated in Sydney and Darwin.

Melbourne's inner east the nation's weakest house price market in 2018: CoreLogic

At December 31, 2017 Sydney dwelling values remained 70.8 percent higher than their cyclical low point in February 2012.

The best performing capital city over the 2017 calendar year was Hobart, where dwelling values rose by 12.3 percent: almost five times higher than Hobart’s decade average annual rate of capital gain (2.5 percent).

 

Tags: 
Melbourne Cooling Off

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