House prices remain flat in November
Sydney prices have continued to fall, while Perth home values appear to have bottomed out.
The CoreLogic Hedonic Home Value Index has revealed a steady housing market for November. National home values remained flat for the month, while the combined capital median house price edged down 0.1%.
Sydney values saw another month of declines, falling 0.7% for the month for the largest monthly fall of any capital city. Canberra saw the largest rise at 0.9% for the month.
Meanwhile, Perth values showed signs of bottoming out. The median dwelling price in the city rose 0.2% for the month.
“If this is indeed the start of a recovery phase in the Perth housing market, it comes after dwelling values have fallen 10.8% since peaking in mid-2014,” CoreLogic research head Tim Lawless said.
Hobart has remained the strongest performer over the year, with dwelling values up 11.5%. CoreLogic put the rise down to low housing inventory and growing demand, with advertised housing stock levels down 36.3% from last year.
Lawless said the year ahead is likely to see dwelling price growth continue to moderate. While he predicted smaller capital city and regional housing markets could see strong performance, he argued that Sydney and Melbourne’s markets would drag down the headline rates of capital growth from “low to negative”.