CoreLogic’s daily dwelling values index, which tracks price changes across the five major capital city markets, fell another 0.29% in the week ended 8 November.
This was the 31st consecutive weekly price decline. The pace of decline has also reaccelerated, with value falls averaging 0.28% over the past four weeks, versus a 0.23% average decline over the prior four weeks:
Weekly price falls reaccelerating.
Price falls were again concentrated across the three main capital cities – Sydney (-0.38%), Melbourne (-0.29%) and Brisbane (-0.31%). By contrast, Perth values only fell 0.08% and Adelaide values rose 0.05%:
‘Big three’ capitals lead house price falls.
The quarterly pace of decline has reaccelerated to -3.6% at 5-city aggregate level. Brisbane values (-5.4%) are fastest, followed by Sydney (-4.4%) and Melbourne (-2.8%). By contrast, Adelaide (-0.9%) and Perth (-0.7%) values are holding up well:
Brisbane now leading the house price bust.
Dwelling values are now down 8.1% from their peak at the 5-city aggregate level, lead by Sydney (-11.9%), Melbourne (-7.5%) and Brisbane (-8.5%):
Sydney leads decline from peak.
Finally, the next chart plots the decline from peak at the 5-city aggregate level and shows how prices fell sharply after the Reserve Bank of Australia (RBA) began hiking interest rates:
RBA rate hikes drive property prices lower.
As you can see, the pace of decline remains swift. And Tuesday’s 0.25% rate hike from the RBA will keep the throat on the neck of Australia’s housing market, which is facing a record drawdown.
