- Australian home price falls are spreading but slowing.
- Over the year, median prices nationally fell by 7.2% in average weighted terms. The declines in the combined capital cities over this period was even larger at 8.4%.
- Demonstrating how rough a year it’s been for prices, only six of the top 10 performing capital city regional markets actually saw prices increase, and that’s before inflation is taken into consideration.
Australian home prices fell almost everywhere in April, although the pace of downturn has clearly slowed in recent months.
The moderation in price falls, coupled with an improvement in other housing market indicators recently, has CoreLogic thinking the worst of the downturn may now be behind us.
While the jury is still out on that call, it’s still been a rough 12 months for prices nonetheless.
At 7.2% in average weighted terms, prices nationally fell at the fastest pace since the GFC. The decline in capital city markets was even more acute, declining 8.4% from a year earlier.
This chart from CoreLogic demonstrates just how tough it’s been for capital city prices.
It shows top and worst performing regions in terms of price growth over the past year.
Of the 107 SA4 regions scattered across Australia, only six located in capital cities saw prices increase over the year in nominal terms. Four of the top performing regions actually saw prices fall over the year.
With inflation running at 1.3% in the year to March, prices only went up in real terms in two capital city regions from 12 months earlier.
There’s rough and then there’s rough, right?
At the other end of the spectrum, all of the worst performing capital city regions, with the exception of Mandurah in Western Australia, were located in Sydney and Melbourne, those markets where median valuations fell by over 10% during the year, the fastest of any capital city.
Inner East Melbourne and Ryde in Sydney currently hold the title as the worst performing capital city markets with median prices down 15.4% and 15.1% respectively from a year ago.
Business Insider Emails & Alerts
Site highlights each day to your inbox.