According to a recent CoreLogic report, the rate of decline has slowed in the last three months across the country.
The overall decline of 0.6% in March was the smallest monthly decline as values ​​fell 0.5% last October.
House prices fell in six of the eight capitals. Canberra values ​​remained firm and Hobart values ​​increased 0.6%. Most state regions, which include areas outside capitals, have seen their values ​​decline. The only exceptions are regional Tasmania (+ 0.5%) and the southern region of Australia (+ 0.3%).
Quarterly results reflect the trend: six of the eight capitals saw their values ​​decline in the March quarter. Darwin (-3.9%), Melbourne (-3.4%) and Sydney (-3.2%) led the recession.
CoreLogic also reported that the value of domestic dwellings has been declining for the past 17 months and has fallen by 7.4% since the peak reached in October 2017. Despite this general weakness, the national index remains above 15 , 9% to five years ago – suggesting that most homeowners still have strong equity.
Darwin and Perth peaked in 2014, but conditions in both housing markets weakened due to the boom that followed mining and the worsening economic and demographic conditions. The value of dwellings fell by 27.5% and 18.1%, respectively, over the last five years.
"On the bright side, it is that housing is now very affordable and that first time buyers are proportionally much more active than in other parts of the country," said Tim Lawless, manager research at CoreLogic.
The Hobart and Tasmanian housing values ​​remain at unprecedented highs. Prices in Canberra (-0.2%), Adelaide (-0.5%), Brisbane (-1.6%) and the Victoria region (-0.8%) have fallen slightly for the moment .
"Although housing market conditions remain relatively healthy in these regions, they have eased significantly over the last twelve months, with a fall in values ​​or a significant slowdown in growth", he said. said CoreLogic.
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