Australian home prices fall for sixth month, dragged lower by Melbourne, Sydney

SYDNEY (Reuters) – Australian home prices eased for a fifth straight month in September, weighed down by the two largest cities of Sydney and Melbourne, though the other six capital cities enjoyed an upturn in both values and listings.

FILE PHOTO: Residential homes can be seen in the inner west suburb of Enmore in Sydney, Australia, July 19, 2015. REUTERS/David Gray

Data from property consultant CoreLogic on Thursday showed home prices across the nation slipped 0.1% in September from a 0.4% decline in August and 0.6% in July.

The pace of monthly declines has been slowing as coronavirus-driven mobility restrictions have lifted across much of the country.

Prices were up 4.8% on September last year, reflecting the strength of the market ahead of the pandemic.

Values in the capital cities fell 0.2% in September, but were 4.9% higher on the year.

Melbourne was the major loser, with a monthly drop

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Australia Home Prices Fall, Dragged Down by Sydney, Melbourne

(Bloomberg) —



a boat sitting on top of a sandy beach: A residential property stands under construction at a housing development in Melbourne on Sept. 1.


© Bloomberg
A residential property stands under construction at a housing development in Melbourne on Sept. 1.

Australian house prices fell for a fifth month, as declines in Sydney and Melbourne outweighed a nascent recovery in the rest of the country.

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House values in major cities dropped 0.2% last month, CoreLogic Inc. data released Thursday showed. Prices in Melbourne, which is in its third month of lockdown after a resurgence in coronavirus cases, declined 0.9% last month, to be down 5.5% since the pandemic started.

In Sydney, prices fell 0.3% in September. Home values rose in the rest of the country, where virus restrictions are not as stringent, led by a 0.8% gain in Adelaide and a 0.5% increase in Brisbane.

“Unsurprisingly, the markets where the virus has been well contained and economic activity is less restricted are faring the best,” said Tim Lawless, head of

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Sydney suburb where house prices grew 10% during lockdown

The coronavirus pandemic has helped push Australian home values lower for four months in a row, but some suburbs have been bucking the trend in spectacular fashion, new analysis reveals. 

Realestate.com.au’s latest update reports that while regional Australia is generally outperforming the broader housing market, expensive suburbs are also surging higher – at odds with historic downturn house price trends. 

Chief economist Nerida Conisbee said global data highlights some “interesting trends” in just how resilient house prices have been, with most markets around the world declining only slightly or increasing. 

“A lot of this has to do with strong momentum leading up to the ‘Great Lockdown’, however, even on a quarterly basis, we are not seeing the catastrophic falls in house prices we would expect to see following such a sharp increase in unemployment,” she said.

Housing experts have forecast falls of between 10 per cent and 30 per cent,

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