According to CoreLogic, home prices across the country fell 4% in May, making it the lowest monthly decline since May 2018.
Housing values ​​continued to decline from one region to another, at a broad level, with a slower decline in the pace of declines.
"This improvement is mainly due to slower declines in Sydney and Melbourne, where housing values ​​previously fell at the highest rate of any capital city. Sydney's values ​​were 0.5% lower during the month, while Melbourne's was 0.3% – the lowest decline in value in both cities since last March, "said Tim Lawless, head of research at CoreLogic. "In other cities, where housing market conditions have generally been more resilient to an economic slowdown, the trend is the opposite."
Hobart prices fell for two months, bringing the quarterly rate of change to negative territory for the first time since early 2016. Canberra's values ​​fell 0.2% in months – and the growth rate remains slightly in positive territory (+ 0.2%).
CoreLogic found that Adelaide (+ 0.2%) was the only city not to record a decline in housing values ​​during the month. South Australia, Tasmania and the Northern Territory were the only regions to show an increase in May among the remaining states. Finally, regional Tasmania is the only large region in the country where housing values ​​remain at record levels.
The rise in auction liquidation rates during the month echoed the slowdown in decline. Clearance rates in Sydney surpassed 60% for the first time this year during the last week of May. Clearance rates in Melbourne, by contrast, have remained at around 60% in three of the last six weeks.
"Although clearance rates remain low compared to several years ago, while the housing market conditions were much more favorable, the improved auction performance is in phase with the slowing down of the decline, "said Lawless.
Housing values ​​across the country have fallen 8.2% since the peak reached in October 2017. The combined capital index values ​​fell 10.1%, while regional values have fallen 3% since this peak. Larger falls in capital were recorded at Darwin (-29.5%) and Perth (-19.2%), as well as in the regional WA (32.5%), where the slowdown in the capital city was observed. mining has resulted in a poor economic and demographic situation.
"These regions now represent some of the country's most affordable housing markets, which explains the high proportion of first-time home buyers in these regions. The last time the values ​​were as low in Darwin was in March 2017. In Perth, they were previously so low in April 2006 and values ​​were not as low in the WA region since July 2005. " said CoreLogic.
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