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Property values take a dive in all major cities
Fresh data shows property price drops across all major capital cities last week, keeping with trends of the previous 12 months.
Property values take a dive in all major cities
Fresh data shows property price drops across all major capital cities last week, keeping with trends of the previous 12 months.
Perth was the deepest at -0.3 of a percentage point, followed by Melbourne at -0.2 of a percentage point and then all of Sydney, Brisbane and Adelaide at -0.1 of a percentage point, according to figures from CoreLogic.
The combined weekly change was -0.1 of a percentage point for the week ending 7 October 2018.
The combined monthly change was -0.6 of a percentage point.
Listings fell again week on week, with Perth and Sydney taking the most flak at -8.4 per cent and -8.9 per cent, respectively. Darwin, Canberra and Hobart stemmed the tide though, with Darwin performing remarkably well with an 18.1 per cent increase in listings.
Houses have remained perennially more popular than units, and the average time on market held firm. Canberra, Hobart and Melbourne performed the best for houses again last week at 26 days, 30 days and 33 days, respectively.
For units, Hobart, Melbourne and Sydney were on top for best days on market once again at 24 days, 33 days and 43 days, respectively.
Vendor discounting across most capital cities was between 5.0 per cent and 6.4 per cent for houses, and between 5.7 per cent and 6.5 per cent for units.
Canberra was the low-end exception for houses and units at 2.6 per cent and 3.0 per cent, respectively.
Perth was the high-end exception for houses at 8.0 per cent while Darwin was the high-end exception for units at 9.7 per cent.
What's the outlook?
Although Australia has now recorded a full year of price drops, for CoreLogic, it's "not all doom and gloom".
CoreLogic research director Tim Lawless recently said there would need to be a “material about face” in labour market conditions or a significant interest rate rise for property values to plummet.
“If we look at the current downturn in Australian housing, the trajectory is actually quite unremarkable,” Mr Lawless said.
“Australia’s largest housing market, Sydney, has seen values fall by 5.6 per cent since peaking in July last year; a trajectory that is straight down the middle of previous downturns.
“During the GFC, Sydney dwelling values fell by 7 per cent in the space of 12 months, and the downturn before that, in 2003 to 2006, saw values fall 7.1 per cent over the same number of months.
“Even in markets where values have been falling consistently for more than four years on the back of material weakening in economic and demographic conditions, we haven’t seen values fall anywhere near 40 per cent.”
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