Average property prices across Australia’s state and territory capital cities fell for a fifth consecutive month in March.
The latest CoreLogic Home Value Index shows that combined capital city prices fell by 0.2 per cent in March, contributing towards an overall 0.9 per cent quarterly decline.
Six of the eight capitals recorded a decline in values over the first quarter of 2018. Sydney recorded the biggest drop (-1.7 per cent), followed by Melbourne (-0.5 per cent), Adelaide (-0.4 per cent), Perth (-0.2 per cent), Canberra (-0.2 per cent), and Darwin (-0.1 per cent).
Only the Hobart market recorded price increase during this period, rising 3.4 per cent), while prices in Brisbane remained steady.
However, while the capital markets are struggling, many regional areas are seeing house price growth.
Regional values recording a 0.4 per cent rise in March, and a 1.1 per cent increase for the first quarter.
“The stronger combined regional markets’ performance continues a trend that began to emerge in October last year where regional housing markets showed an overall improvement in the pace of capital gains while the combined capitals trend softened,” said Tim Lawless, head of research at CoreLogic.
Article published 5th April 2018