Australian House Prices and Values Continue Declining

Australian house prices and values are declining to record numbers, according to the latest CoreLogic figures.

Released on Wednesday morning, the CoreLogic Home Values Index revealed that national house prices dropped for the 10th consecutive month in July by 0.6 per cent, bringing the annual rate to 1.6 per cent, the fastest since August 2012.

The national dwelling values also fell 0.6 per cent in the month, making it the biggest monthly fall since September 2011 and taking the median value down to $554,263.

Over the past three months, five out of eight capital cities posted declines in median house price, ranging from 0.2 per cent (Canberra) to 1.8 per cent (Melbourne). Real estate Adelaide grew 0.7 per cent to $438,163, Brisbane grew 0.5 per cent to $494,634, and Hobart had the highest growth of 1.1 per cent to $435,833.

“We can’t see any factors that may halt or reverse the housing market’s trajectory of subtle declines over the second half of 2018,” said Tim Lawless, head of research at CoreLogic. “The availability of housing credit has been a significant factor contributing to this slowdown, however there are a variety of hurdles contributing to slower conditions.”