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Property price downturn extending beyond Sydney and Melbourne



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Updated

March 01, 2019 10:11:36

Australian home prices fell further 0.7 percent last month and are now down 7 percent from their peak, as the downturn extends beyond Sydney and Melbourne.

Key points:

  • Sydney (-10.4pc) and Melbourne (9.1pc) have had the biggest falls over the past year
  • Five of the eight capital cities have had falling prices over the past year, as has regional Australia
  • CoreLogic's Tim Lawless says widespread price falls are indicative that lending restrictions are dampening the market

The latest February figures from CoreLogic show Darwin and Perth are once again leading the monthly decline in prices, slumping 1.7 and 1.5 percent respectively.

Although Sydney and Melbourne have still suffered the worst fall over the past year, down 10.4 and 9.1 percent respectively.

Even the Brisbane market, which did not experience the same steep rise in prices as the other two big capitals on the east coast, saw prices fall over the month, quarter and past year, although the declines are modest.

Hobart was the only capital city to post a rise in prices last month, with a 0.8 percent rise that shows that its property boom has not completely run out of steam.

Prices in Canberra and Adelaide have been relatively flat over the past few months, and only moderately higher over the past year.

CoreLogic's head of research, Tim Lawless, said price falls are now extending well beyond the previously booming Sydney and Melbourne markets.

"Every market in Australia is losing steam," he told ABC News.

"We are seeing this downturn becoming quite widespread geographically.

"I think that's a real indicator that lending conditions are throwing quite a dampening blanket over the market entirely."

More to come.

Topics:

housing-industry,

economic-trends,

australia

First posted

March 01, 2019 10:01:24

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