CoreLogic announced Thursday that the national value of housing continued to decline, with housing activity showing further signs of weakening.
Tim Lawless, Head of Research at CoreLogic, pointed out that tighter credit conditions were one of the biggest contributors to this slowdown.
The country recorded an annual decline of 3.5% in the value of the national property. This was the weakest macro-real estate market conditions since February 2012, and the hedonic home value index recorded a 0.5% decline in home value nationwide in October. .
On a quarterly basis, housing values ​​are currently declining from 1.6% to 0.7% in the combined regions of the capital and the combined regional regions of Australia.
"Given the widespread weakness in housing market conditions, it is clear that the reduction in available credit is slowing housing demand and affecting housing value performance in most parts of the country" , recalled Lawless. ]
Considered as the countries where investment buyers are the most concentrated, supply additions as the highest and where housing is the most tense, the two largest cities in Australia still have the most favorable conditions. low on the markets.
Sydney stocks declined 7.4% in the past year, while Melbourne stocks fell 4.7% over the same period. There was also a slowdown in Perth and Darwin, with prices falling 3.3% and 2.9%, respectively, compared to the previous year.
The value of dwellings in the remaining cities has increased, but the pace of growth is decreasing.
Regional housing markets, on the other hand, recorded mixed performances. Regional Tasmania was the only large region in the country where housing values ​​recorded double-digit growth (+ 11.4%). Hobart and regional Tasmania continue to record strong housing market conditions, thanks to robust housing demand and a shortage of supply.
Conditions in the Victoria area also look optimistic, with demand continuing to move from Melbourne to more affordable cities on the outskirts of the city's metropolitan area.
Finally, conditions remain difficult in Western Australia, even if they reveal a new impetus. Values ​​decreased by 6.5% over the last twelve months.
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