Australian House Prices Fall at Fastest Pace Since GFC: Corelogic

Defying the downturn, Corelogic said the strongest conditions were seen in Hobart, Canberra, and some areas of Brisbane and Adelaide.

Brisbane’s housing market was one of the few capital cities to record an increase in home values for the month of November, a modest 0.1 per cent rise for the month, while annual growth values are up 0.3 per cent.

Hobart dwelling values increased by 9.3 per cent, by far the strongest conditions across any of the capital cities, while Canberra values are up 4 per cent for the past 12 months.

Corelogic head of research Tim Lawless said conditions across Australia’s housing market are increasingly diverse.

“Dwelling values are trending higher across five of the eight capital cities, albeit at a relatively slow pace compared with the previous surge in Sydney and Melbourne.

“Hobart and regional Tasmania continue to be the standouts for capital gain, with values up 1.7 per cent across both regions over the past three months.”

Ongoing factors such as the tightening of lending conditions has influenced the notable downward trend in Sydney and Melbourne, while other regions are seeing some level of growth.

“Additionally, housing affordability constraints are more pronounced in these markets and rental yields are substantially lower, indicating an imbalance between rental values and dwelling values,” Lawless said.

“The ramp-up in housing supply has been more pronounced in these markets against a backdrop of slowing demand, and Sydney and Melbourne have also been more affected by the reduction in foreign buying activity.”

Related: Melbourne Trumps Sydney as Top Investment and Development Destination

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