Did Aussie house prices drop in February?
CoreLogic says it is the largest provider of property information, analytics and property-related risk management services in Australia and New Zealand.
Every month the property research company releases an update on the property prices around Australia.
According to the CoreLogic Home Value Index results out today, most of the capital cities of Australia experienced a slight fall in value in February.
The first statistic that Corelogic revealed was that over the month of February capital city prices declined by 0.3%, but regional prices increased by 0.4%. Overall, national house prices saw a 0.1% fall over the month and have fallen 0.8% during the past three months.
Sydney’s house prices fell by 0.6% during February and have fallen by 2.4% during the past three months. This decline now means Sydney’s house prices are down 0.5% over the past 12 months.
In Melbourne, house prices declined by 0.1% during the month and fell by 0.4% over the past three months. However, the annual gain still stands at 6.9%.
In Brisbane, house prices have fallen by 0.1% during the past month and three months. The annual gain over the past 12 month has been 1.8%.
Adelaide house prices were flat over the month and were up 0.1% over the past three months.
In Perth, prices declined by 0.2% over the month and the last three months showed a decline of 0.7%.
In Hobart, prices increased by 0.7% during February and improved 3.2% over the past three months.
In Darwin, prices decreased by 0.9% in the last month and dropped by 2% in the last months.
In Canberra, prices have gone down by 0.3% during February and down 0.2% over the quarter.
According to Corelogic, this is the fifth consecutive month that prices have broadly fallen. The 0.1% national decline in dwellings was less of a fall than the 0.3% the two months prior to that. The improvement in clearance rates late in the month was in line with an easing of the price declines late in the month.
“The overall softening in the market becomes more evident when looking at the change in values over the past three months.” – Tim Lawless, Corelogic head of research
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