(Australian Associated Press)
Every Australian capital city except Canberra registered falling home prices in April as values dipped 0.5 per cent across the country, property analytics firm CoreLogic says.
The data released on Wednesday recorded the largest drop in Darwin, down 1.2 per cent, followed by Hobart with 0.9 per cent, Sydney with 0.7 per cent and Melbourne with 0.6 per cent.
CoreLogic researcher Tim Lawless said the results from the Tasmanian capital, where prices had risen 0.8 per cent in February and 0.6 per cent in March, illustrated that the geographic scope of falls was spreading even as the extent of the slide eased.
“Although the rate of decline has moderated, we are still seeing values falling across most regions of Australia and any recovery in dwelling values is likely to be a long term outlook,” he said.
Home prices in Canberra rose 0.4 per cent in April to a median value of $596,405 following a flat result in March.
The CoreLogic Hedonic Home Value Index for April stated that over the last 12 months prices fell 10.9 per cent in Sydney and dropped 10.0 per cent in Melbourne.
Real estate analysts expect the average price of a home in Sydney to drop below $1 million within the next three months.
Domain property data released on Tuesday put the median value of a house in Australia’s biggest city at $1,027,962 – a drop of 3.1 per cent over the quarter and 11.5 per cent in the last year.
“If the pace of quarterly decline remains, prices are likely to dip below $1 million in the coming quarter,” Domain researcher Nicola Powell said.
Sydney’s average house price first broke through the $1 million barrier in mid-2015, with values peaking in mid-2017 and then tumbling 14.3 per cent to the present, according to Domain figures.
The Domain House Price Report also stated Sydney median unit prices fell two per cent over the March quarter and dropped 6.5 per cent over the last 12 months to a three-year low $696,935.
The report said Melbourne house prices fell 2.4 per cent over the quarter and 10.4 per cent over the year to $809,468, while units slid 2.9 per cent over the quarter and 8.3 per cent over the year to $466,892.
Dr Powell said the decline in Melbourne prices eased during the first three months of the year, recording the smallest quarterly slide since June 2018, but the falls in value broadened geographically across the city.
The quarterly data pointed to houses in Brisbane falling 1.1 per cent to $563,666 and units dropping 3.7 per cent to $372,852.
“Unit prices (in Brisbane) are 9.6 per cent below the mid-2016 peak, with buyers now able to reap the benefits of purchasing at 2013 prices,” Dr Powell said.
The report recorded flat house prices and a 2.1 per cent fall in units in Adelaide during the quarter while Hobart house prices rose 3.1 per cent over the same time period as its units increased 2.6 per cent to $363,418.