Finance Property Property prices drop for ninth straight month

Property prices drop for ninth straight month

House prices
National property prices have slipped for nine straight months, and are down 1.3 per cent since their peak in September 2017. Photo: ABC
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Housing prices have slipped for many Australian capital cities in the past quarter, as tighter lending conditions and falling investment levels continue to affect the market.

Home prices fell 0.2 per cent in June on a national basis, which marks the ninth consecutive month-on-month drop, according to the latest report from property industry analysts CoreLogic.

National property prices peaked in September last year and have since fallen 1.3 per cent to a median of $556,384.

The weakest capital cities were Sydney (-0.9 per cent) and Melbourne (-1.4 per cent) in the past three months, bringing their median (middle) prices down to $870,554 and $716,774 respectively.

house prices
Graph shows change in dwelling values in Australia’s capital cities. Photo: CoreLogic

Hobart remains the capital with largest price increases, jumping 2.3 per cent — yet it still has the nation’s second-lowest median capital city dwelling price, at $436,899.

However, the fall in capital city prices was partially offset by a 0.6 per cent rise in combined regional markets.

The best performing regional markets over the past year were Geelong (+11 per cent), Launceston (+7.1 per cent) and South-East Tasmania (+6.8 per cent).

More to come.