House prices fall again
April represents the seventh month-on-month fall for home values.
The new CoreLogic Home Value Index has revealed a 0.1% drop for home values in April. Values have now fallen in every month since October.
The most significant declines were in Sydney and Melbourne, which both saw 0.4% drops. Brisbane values also fell, down 0.1%.
The value declines across Australia's largest capitals was partially offset by flat conditions in Perth and slight rises in Adelaide, Darwin and Canberra. Hobart saw the strongest results, with home values up 1.2% for the month to sit 12.7% higher on an annualised basis.
"At a macro level, the latest trends are virtually the opposite of what we have become used to over the past five or so years," CoreLogic head of research Tim Lawless said.
"Regional areas are now outperforming capitals, and units are outperforming houses. Also, the most expensive properties are now showing weaker conditions that the more affordable ones."
Combined regional house prices were up 0.4% for the month, for a 2.4% annual rise. This compares to a 0.3% annual decline for combined capital cities.
Units also continued to outperform houses.
"Despite the surge in unit construction over recent years, the past 12 months has seen unit values continue to trend higher, up 1.9% compared to a 1.0% fall in house values," Lawless said.
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