Home values down again
Values have fallen at their fastest annual rate since 2012.
The CoreLogic July home value results have revealed national dwelling values have fallen again. Values were down 0.6% for the month of July to sit 0.9% over the rolling quarter and 1.6% lower for the 12 months to the end of July.
According to CoreLogic, housing values have fallen 1.9% since peaking in September. CoreLogic research head Tim Lawless said the decline was driven by longstanding falls in Perth and Darwin, as well as accelerating declines in Sydney and Melbourne.
Melbourne showed the weakest performance over the month, with values dropping 0.9%. Sydney followed with a 0.6% decline. Home values in Sydney are now down 5.4% on an annualised basis.
Hobart remained the strongest performing capital city. While values were flat for the month, the city has seen an 11.5% rise in home values for the year to the end of July.
Values in regional centres were also down for July, declining 0.4%. However, regional areas continued to outperform capital cities, with combined regional areas up 1.6% on an annualised basis compared to a 2.4% decline for combined capitals.