Perth and Darwin prices dip further, and Sydney sees 11.5 percent annual house decline

Perth and Darwin prices dip further, and Sydney sees 11.5 percent annual house decline
Perth and Darwin prices dip further, and Sydney sees 11.5 percent annual house decline

CoreLogic's February Home Value Index was released today, and it's further bad reading for a majority of capital cities.

Seven of the eight capitals saw house prices slide over the month. The national median house price value slipped 0.9%.

It was only spared further declines by Hobart, the only capital not to see a price decrease. Their median house price jumped 0.9 percent in February to $489,000.

Perth and Darwin housing markets were the biggest hit over the month. They saw declines of 1.4% and 1.3%. 

Sydney and Melbourne continued their steep decline, with another 1.1% and 1.2% taken off their median house price values.

Sydney's median house price value now sits below $900,000, having seen the median value drop another $14,000 from January. Melbourne dropped $11,000 over the month.

Click here to enlarge.

Perth and Darwin prices dip further, and Sydney sees 11.5 percent annual house decline
Source: CoreLogic

Compared to this time last year, Sydney's median house price value is over $160,000 lower, while Melbourne's has dropped by $105,000.

Since the October 2017 peak Sydney is closer to $200,000 cheaper, and are now 11.5% down annually. Last month both capital city markets were approaching 11% declines (Melbourne 10.6%, Sydney 10.9%).

Click here to enlarge.

 Perth and Darwin prices dip further, and Sydney sees 11.5 percent annual house decline
Source: CoreLogic

It's another decline above 1% for both the major capital city markets, the fourth straight month in a row.

Housing markets Adelaide, Canberra and Brisbane only saw small declines.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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