Sydney house values down 8.4 percent annually with Melbourne closing the gap

Sydney house values down 8.4 percent annually with Melbourne closing the gap
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.

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Sydney house values down 8.4 percent annually with Melbourne closing the gap

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.

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Sydney house values down 8.4 percent annually with Melbourne closing the gap

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.”

 

 

 

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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Price Decline Corelogic

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