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CoreLogic July Home Value Index results 2018

Property Markets / Outlook

Australia

Aug 07 2018

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Housing downturn gathers momentum in July, with national dwelling values falling at the fastest annual rate since 2012

The CoreLogic July home value results out today confirmed that national dwelling values continued their weak run, with both capital city and regional dwelling values trending lower over the past three months.

National dwelling values slipped 0.6% over the month to be down 0.9% over the rolling quarter and 1.6% lower over the past twelve months; the largest annual fall since August 2012. 

Since peaking in September last year, the Australian housing market has recorded a cumulative 1.9% fall in value; a relatively mild downturn to date considering values remain 31% higher than they were five years ago. 

According to head of research Tim Lawless, the weakness in dwelling values is being driven by the long running declines in Perth and Darwin along with an acceleration in the rate of decline across Sydney and Melbourne and slowing growth rates across most of the remaining regions.

Highlights over the three months to July 2018

  • Best performing capital city: Hobart +1.1%
  • Weakest performing capital city: Melbourne -1.8%
  • Highest rental yield: Darwin 5.7%
  • Lowest rental yields: Melbourne 3.0%

SOURCE:

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