Median capital prices decreased by 0.4% in weighted terms from the previous month, less than the monthly declines of nearly 1% recorded regularly in late 2018 and early 2019.
According to CoreLogic, the value of homes stopped declining last week in the capitals of continental states. Weighted median prices in Sydney, Melbourne, Brisbane, Adelaide and Perth were unchanged. Stable prices in Sydney, Melbourne and Brisbane helped offset slight declines of 0.2% and 0.1% in Adelaide and Perth, respectively.
Value stabilization, especially in Sydney and Melbourne, where most declines were recorded over the past year, is worth highlighting, said Business Insider Australia.
The data also showed that the slowdown in price declines occurred at a time when new listings of properties in all capitals, with the exception of Hobart, had declined significantly.
There are 19,580 new listings, down 21.9% from the level recorded at the same time in 2018. The downward trend was due to substantial declines of 32.6% and 28.7% in Melbourne and Sydney, respectively.
Hobart, on the other hand, recorded a 14.8% increase in new listings compared to the previous year. This partly explains the decreases recorded between 6.8% and 14.1% in all other capitals during this period.
The total number of listings in capitals remains 8.1% above its 2018 level. However, the reduced number of listings and the low demand have resulted in a substantial decline in the number of listings. annual increase in registration from levels recorded earlier in 2019.
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