Sydney house values down 8.4 percent annually with Melbourne closing the gap
Sydney and Melbourne's dwelling decline continued over October, according to the latest CoreLogic figures.
The decline in dwelling values in the two major capital was led by the housing markets.
Melbourne's house values declined more than any capital city with a one percent hit over October, takings its annual house value decline to 6.3 percent.
Sydney's house values declined 0.7 percent over the month, with their annual decline moving to 8.4 percent.
Click here to enlarge.
It's a consistent slow down now for Sydney and Melbourne houses.
Last month (September below) saw Melbourne again as the leading capital city in house price declines, down one percent, with Sydney down 0.8 percent.
Click here to enlarge.
Sydney's median value for houses is now approaching the $950,000 mark, down $70,000 over the last six months from a median over $1.026 million over April.
CoreLogic head of research Tim Lawless said that the declines were concentrated within the largest capitals, while regional dwelling values edged 0.4% higher.
“At a macro level, the latest trends are virtually the opposite of what we have become used to over the past five or so years," Lawless said.
"Regional areas are now outperforming the capitals and units are outperforming houses.
"Also the most expensive properties are now showing weaker conditions than the more affordable ones.”