Sydney, Melbourne house prices continue to drag on national market
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Weaker house prices in Sydney and Melbourne have continued to drag down the national market, with a 0.5 per cent drop in September marking 12 months of consistently falling prices.
Property consultant CoreLogic’s national hedonic home value index showed a broadening of the housing market correction, with national values down 2.7 per cent since peaking 12 months ago, and regional markets also slowing down.
House values were lower in five of the eight capital cities last month.
Photo: Louie Douvis
House values were lower in five of the eight capital cities last month, but analysts said it was weakening conditions in Melbourne and Sydney, down 0.9 and 0.6 per cent respectively for the month, that continue to weigh heaviest.
“While the housing market downturn is well entrenched across Darwin and Perth where dwelling values remain 22.1 per cent and 13.2 per cent lower relative to their 2014 peak … Sydney and Melbourne are now the primary drag on the national housing market,” CoreLogic’s head of research, Tim Lawless, said.
Sydney’s annual loss has tipped over 6 per cent for the past 12 months, while Melbourne has dropped 3.4 per cent.
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