Melbourne's property market led falls in major capitals for the fourth straight week

(Wang He / Getty Images)
  • Data from CoreLogic shows home values fell by 0.1% last week across Australia’s combined capitals.
  • Melbourne’s market led falls for the fourth straight week, recording a 0.2% fall.
  • Price falls across the combined capitals have now reached 3%, compared to 1.8% at the end of June.

Australian house prices ticked lower last week, falling by 0.1% across Australia’s five largest capitals.

Weekly data from CoreLogic showed the declines were led by Melbourne and Brisbane, which fell by 0.2% and 0.1% respectively.

Elsewhere, the Sydney market held flat on a weekly basis for the first time since early June. Adelaide and Perth were also flat.

Source: CoreLogic

The latest results mark the fourth straight week — and fifth week out of the last six — that Melbourne led declines in major markets.

Price changes in annual terms for the Melbourne market have fallen from a gain of 0.2% to a loss of 1.4% over that six-week period.

Annual price falls for the Sydney market were unchanged last week at 5.6%.

Last week, a quarterly report by consulting firm RiskWise Property Research assessed the risk outlook for houses and units for all eight states and territories.

Tasmania’s housing market was the only market deemed to be low-risk, while NSW was considered to be medium-risk for houses and units.

Victoria was deemed low-medium risk for housing and medium risk for units.

Across the major markets, last week’s price action coincided with a decline in the number of successful auctions compared to the week prior.

Preliminary data from CoreLogic showed 868 properties went to auction in Melbourne over the weekend, returning a clearance rate of 55.7% (down from 61.3%).

Sydney’s preliminary clearance rate was 56.5% on 572 auctions, down from 59.1% last week.

Source: CoreLogic

Once again, unit auctions had a higher success rate than houses, after a brief reversal the week prior when houses outperformed units.

For the second straight week, the number of new property listings — properties listed within the last six months — increased across all five major capitals.

Including Hobart, Darwin and Canberra, the number of new property listing compared to the same time last year was down 3.7%.

Source: CoreLogic

NOW READ: Here’s a data-driven guide to the property market outlook in every Australian state

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