Australian home prices have now fallen 7.4% since peaking in late 2017, according to CoreLogic’s Home Value Index.
However, as seen in the chart below posted by CoreLogic Research Analyst Cameron Kusher on Twitter today, the speed and scale of price falls have not been uniform in nature as part of the latest downturn.
Some declines have been far larger and longer than the current national downturn, while others have been significantly smaller and shorter in duration. And when it comes to Hobart, Tasmania’s state capital, prices have not even started to fall — they hit the highest level on record, again, in March.
As things currently stand, median prices in Sydney and Melbourne have now fallen 13.9% and 10.3% respectively from the peak, joining Perth and Darwin, which have also seen median values log double-digit percentage declines since they hit record highs earlier this decade.
The downturns in those capitals currently sit at 18.1% and 27.5% respectively.
Elsewhere, median prices in the other capital cities have been far smaller in scale and duration, declining by 1.6%, 0.5% and 0.2% respectively in Brisbane, Adelaide and Canberra.
You can follow Cameron on Twitter here. Like the rest of the CoreLogic Australia team, he’s an invaluable source of information about what’s happening in the housing market.
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