The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
13
print
Print
OtherTue 28 Aug 18

House Prices Fall in Australia’s Largest Cities

9a182e28-81f0-4692-9bc4-85557b63ad38

Australian home prices have continued to drift with declines reported across a majority of mainland state capitals.

Research from property data firm Corelogic has indicated that median home price have declined by 0.1 per cent in average weighted terms, leaving the decline over the past for weeks at 0.4 per cent.

Since peaking in September 2017, prices have fallen by 0.1 per cent in Sydney, Melbourne and Brisbane over the week while Adelaide managed register an increase of 0.2 per cent.

Adelaide's prices have now risen 0.7 per cent over the year with Brisbane also seeing a 0.3 per cent increase.

Related: Is Australia’s Residential Market Experiencing a Credit Crunch?


Capital city home value changes

Capital CityWeekly ChangeMonthly ChangeYear to date change12 month change
Sydney-0.1%-0.3%-3.5%-5.6%
Melbourne-0.1%-0.7%-3.4%-1.6%
Brisbane-0.1%-0.1%0.3%0.9%
Adelaide0.2%0.7%0.7%1.0%
Perth-0.3%-2.2%-2.2%-2.2%

Comparatively, values in the other state capitals have all fallen by 2.2 per cent or more in Perth, Sydney and Melbourne.

Combined, the median price in the mainland state capitals has fallen 2.7 per cent so far this year in average weighted terms.

In Sydney, Perth and Melbourne median values have fallen by 5.6 per cent, 2.2 per cent and 1.6 per cent respectively over the past year, leaving the national decline at 3.1 per cent.

The trends across Australia's regional housing markets – which have previously been more resilient to falls – have recently turned negative.

Melbourne has lead the downturn across capital cities in its monthly change, outpacing Sydney.

Related: Brisbane Leading the Nation in Property Performance Indicators, But Boom Talk Premature


Capital city properties listed for sale

Capital cityNo of new listings12 month change (%)No of total listings12 month change (%)
Sydney6,512-7.2%27,06722.3%
Melbourne7,427-6.5%31,50012.2%
Brisbane3,933-1.1%19,7901.7%
Adelaide1,699-6.1%7,558-5.5%
Perth2,963-9.4%19,920-0.3%


There are currently 22.3 per cent more homes up for sale in Sydney compared to a year ago, and 12.2 per cent in Melbourne, contributing to a 7.6 per cent national increase over the same period.

Listings have also increased in Brisbane, offsetting declines in all other capital cities.

While total listings have risen sharply in Sydney and Melbourne, new listings have actually fallen by 7.2 per cent in Sydney, and 6.5 per cent in Melbourne, compared to 12 months ago.

Nationally, 110,104 properties were put up for sale over the past year with 23,631 new listings put up for sale within the last six months.

OtherResidentialAustraliaOther
ADVERTISEMENT
TOP STORIES
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
View All >
SHMH Penrith hero
Residential

First Stage Filed for $1.1bn Penrith Masterplan

Clare Burnett
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
Planning

State Goes Public with Plans for 10,000 Victorian Homes

Lindsay Saunders
The state has okayed the 300-home Greenvale North scheme as projects at Ballarat and Warrnambool open for comment...
LATEST
SHMH Penrith hero
Residential

First Stage Filed for $1.1bn Penrith Masterplan

Clare Burnett
3 Min
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
3 Min
Planning

State Goes Public with Plans for 10,000 Victorian Homes

Lindsay Saunders
2 Min
Architecture

Bondor Metecno’s MetSeam Elevates Facade Design Style

Partner Content
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/home-prices-continue-to-fall-in-australias-largest-cities