According to the results of CoreLogic housing index, the pace of decreasing property values in Australia slowed compared to the previous month. Nevertheless, housing values continued to increase in four markets in the country.
Australia’s national housing prices fell by 0.7% in February. In addition, the cumulative decline has reached -6.8% since it reached its highest levels in October 2017.
Although household values have fallen in recent years, their housing values are 18 percent higher than they were five years ago.
On a positive note, CoreLogic head of research Tim Lawless said, “The national rate of decline eased relative to January and December, when dwelling values were down by around 1%, however the February results remain overall weak, with the geographic scope of negative conditions broadening.”
Hobart has been the only state to rise in real estate values over the past year. In Canberra, the values remained the same. Other capitals suffered a major decline.
Mr Lawless said, “The fact that we are seeing weakening housing market conditions across regions where home values were previously rising at a sustainable pace and economic conditions are relatively healthy is a sign that tighter credit conditions are having a broad dampening effect on buyer activity.”
According to CoreLogic estimates, real estate values decreased by 12.8 percent in the previous year, while fixed sales activities continued in Sydney (-20.6%) and Melbourne (-22.1%).
Sevdenur Demir / firstname.lastname@example.org