This chart suggests Australian home prices are falling even faster

Competitors at the annual Cooper’s Hill Cheese Rolling competition. Photo: Adrian Dennis / AFP / Getty Images

Australia’s median home price fell for a 10th consecutive month in July, according to CoreLogic, logging a decline of 0.6%.

It was the largest monthly percentage fall in close to seven years, and left the median price nationally down 1.6% over the year.

Based on the chart below from Macquarie Bank, it looks like prices may have fallen even faster in August, at least so far.

Macquarie Bank

It shows price movements on an annualised monthly basis using data from both CoreLogic and Australian Property Monitors (APM).

For clarity purposes, the CoreLogic data has been seasonally adjusted by Macquarie.

Based on daily price movements in the CoreLogic data, it suggests the pace of price declines will point to an annualised drop of more than 5%.

As seen in the two charts below, also from Macquarie, the weakness in the national figure largely reflects ongoing declines in Sydney and Melbourne, the two capitals, along with Perth and Darwin, where median values have fallen the fastest this year.

Macquarie Bank

Depending on the measure used, Macquarie says prices in Sydney have fallen 6.4% to 6.9% from their cyclical peak, with Melbourne prices down 1.7% to 3.5% from the highs seen late last year.

While the daily data from CoreLogic suggests price declines are accelerating, Macquarie says separate data from APM — which tends to lead the CoreLogic series — suggests price declines have slowed in recent months.

CoreLogic will release its monthly hedonic home value index for August on Monday, September 3.

This analyst thinks fears of falling home prices hurting Australia’s economic outlook are overblown

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.