Melbourne's market continued to lead Australian house prices lower last week

Performers in front of the Melbourne skyline. (Photo by Scott Barbour / Getty Images)
  • Weekly data from CoreLogic showed house prices fell by 0.1% last week across Australia‚Äôs five largest capital cities.
  • Melbourne house prices fell by 0.3% following a 0.2% decline in the week prior, take annual falls above 1% for the first time in the current downturn.
  • House prices in Sydney also dipped again and have now fallen by 5.6% in annual terms.

Australian house prices continued to edge lower last week, the latest data from CoreLogic shows.

Homes prices fell by 0.1% across Australia five largest capital cities — a repeat of the combined result from the previous week.

Last week’s price moves were led by sharper falls in the Melbourne market, which dipped by 0.3%.

It followed a 0.2% fall in the week prior, and annual price falls in Melbourne climbed above 1% for the first time in the current downturn.

Sydney’s market saw a repeat of the previous week’s 0.1% fall, with annual declines rising to 5.6%.

CoreLogic

Offsetting those falls, Brisbane’s housing market reversed the previous week’s 0.1% fall with a gain of 0.2%.

Adelaide’s market held flat for the second straight week while Perth dipped by 0.1%.

The combined falls took place amid an improvement in auction clearance rates, particularly in the Sydney market.

Analysts at ANZ last week pointed to steady auction activity as a sign that Australia’s housing market may steady in the second half of the year.

For now, house prices in Australia’s major east coast markets are still struggling for traction.

The number of new listings — defined as properties listed within the last 6 months — increased to 6,275 in Sydney last week, up from 5,971 in the week prior.

New listing also rose in Melbourne, Brisbane and Adelaide. Despite that, the number of new listings was lower compared to the same time last year for each of Australia’s five largest capital cities.

CoreLogic

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