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Australian housing prices continue fall

Australian housing prices continue fall
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Dwellings across the country are continuing to lose value, with SQM Research data reporting an average loss of 1.1 per cent nationally. 

According to the research outfit’s latest figures, housing values have found no respite, with all Australian dwellings dropping by 1.1 per cent in the month to Tuesday (12 July).

This fall was reported at its strongest with housing, which fell by 1.1 per cent over the same period. 

By comparison, units dropped by 30 bps. 

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As Mortgage Business has previously reported, capital cities were a key factor in this nationwide fall in housing values. 

According to SQM Research’s latest data, the price of a house within an Australian capital city fell by 2.1 per cent over this month-long period. 

Units, however, reported marginal growth of 10 bps. 

Sydney and Melbourne experienced the largest on-average dwelling loss at 1.9 per cent and 1.6 per cent respectively. 

Further, the Victorian capital was the only city to see declines in both housing and unit prices, at 1.3 per cent and 1.1 per cent respectively. 

By comparison, Sydney saw a house price loss of 2.6 per cent while units rose by 70 bps. 

Overall losses were also observed across Brisbane (-1.4 per cent), Perth (-1.1 per cent), Adelaide (-70 bps) and Hobart (-70 bps). 

Darwin and Canberra were the only cities to see complete growth in houses and units over this month-long timeline, boosting by a combined figure of 2.9 per cent and 1.1 per cent respectively. 

Units in both of the territory capitals were also noted as being the key catalysts for this monthly boost. 

In Darwin, units surged by 8.3 per cent during the month, the highest growth reported during this latest research period. 

Canberra also saw similar momentum with the city’s units, lifting at 4.6 per cent.

This was the second-highest increase observed by SQM Research.  

Separate data has also suggested growing popularity in the country’s smaller cities, specifically Darwin. According to CoreLogic, in the three months to April, dwellings in the Northern Territory city bumped by 2.2 per cent.  

Housing costs still remain distinctively high

However, while these latest figures supported the persisting trend of Australian property values sinking for the first time in years, they also reflected the bounds of growth reported for owners during the COVID-19 pandemic. 

According to SQM Research figures, housing across the country is 15.7 per cent higher than it was this time last year, with capital cities reporting a rise of 5.2 per cent. 

This growth is reported across the country, with Canberra reporting the highest momentum of a capital city at 27.3 per cent, followed closely by Brisbane (26.8 per cent), Adelaide (22.7 per cent) and Hobart (15.1 per cent). 

Sydney (1.3 per cent) and Melbourne (3.7 per cent) also reported increases in the year to 12 July. 

 

Editors note: This article was amended to make it clearer that Perth property prices fell by 1.1 per cent in the month to 12 July. 

[Related: Outright ownership falls over 25 years: ABS]

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