CoreLogic’s Property Market Indicator Summary for the week ending 11 August 2019 has shown that Sydney’s property values are down 8.8 per cent from the same time last year.
Perth has also displayed an 8.8 per cent drop in property value over the same period.
Melbourne is only just behind, with homes valued at 8 per cent less than they were this time last year.
Brisbane and Adelaide, while not improving their value figures, are far more stable, with Brisbane’s properties losing just 2.4 per cent of their value and Adelaide’s properties only down 1 per cent.
They helped bring the combined capitals down slightly, with the value change reported as -7.4 per cent, with 3.9 per cent of the loss captured in the markets to date this year.
The information comes after new research revealed that Sydneysiders hold the highest average net wealth Australia-wide, largely thanks to assets held in property.
Grace Ormsby is a journalist for Momentum Media's Nest Egg.
Before moving into the finance realm, Grace worked on Nest Egg's sister site Lawyers Weekly, and was previously a staff reporter at the NSW Business Chamber.
She holds a Bachelor of Communication (Journalism), a Bachelor of Laws (Hons) and a Diploma of Legal Practice from the University of Newcastle.