Home prices fall again
Home values have now fallen for five consecutive months.
The CoreLogic Home Value Index for February has revealed a 0.1% decline for national dwelling values, bringing home values 0.8% lower since their peak in September of last year.
Home values fell across every capital city except Hobart and Adelaide. Darwin saw the largest monthly decline at 0.9%, followed by Sydney at 0.6%.
Regional home values have remained resilient, posting a 0.4% rise, compared to a 0.3% decline for combined capital city home values.
The result saw Sydney home values fall into negative annual territory for the first time since 2012. Sydney prices are now down 0.5% for the year.
There was a bright spot in the figures, with rental yields beginning to rise from record lows in Sydney and Melbourne.
"With rental rates climbing at a time when dwelling values are falling, the result is that gross rental yields are starting to repair after a long period of yield compression. In fact, at a national level yields have not been as high as they currently are in 11 months," CoreLogic research head Tim Lawless said.
- UBank cuts and raises fixed rates: Here’s where you’ll find the biggest savings
- CBA’s new 0.99% green home loan: Who’s eligible + how to get it
- Property pump persists: 3 million Australians plan to buy before 2022
- As lockdown tightens, what relief are banks offering for home loan customers?
- Eviction moratorium for NSW renters and $1,500 grants for landlords