Home prices are now falling in most capital city markets in Australia.
As seen in the chart below posted by CoreLogic Research Analyst Cameron Kusher on Twitter, all bar a handful of markets have seen prices slip from their recent cyclical highs.
Excluding parts of Adelaide and in Hobart, prices are now falling across the capital cities by varying degrees with the most acute falls occurring in Perth and Darwin, those markets where values have been falling the longest following the unwind in Australia’s mining investment boom earlier this decade.
With prices in Sydney and Melbourne now well off the highs seen last year, and accelerating, many regions in these cities have also experienced falls of 5% or more.
Smaller decline have also occurred in more affordable markets such as Brisbane and the ACT.
In parts of Adelaide and in Hobart, where affordability is not as stretched as other markets, prices currently sit at cyclical peaks, partially reflecting that they are less affected by a recent tightening in home loan lending standards.