PHOTO: CoreLogic’s head of research Australia Eliza Owen says “stock on the market is still tight and still trending down”.(Supplied: CoreLogic)
The coronavirus-induced slide in Australian housing values accelerated last month, as more sellers put their homes on the market.
Key points:
- CoreLogic’s index shows a 0.8pc slide in capital city home values and 0.2pc fall in regional prices in June
- Melbourne and Perth had the biggest property price falls of 1.1 per cent
- CoreLogic analyst Eliza Owen says the consensus view is that prices will fall a total of 10pc during the coronavirus recession
CoreLogic’s monthly home value index showed a 0.7 per cent fall in values nationally, led by a 0.8 per cent drop in capital city prices.
The biggest capital city falls were in Melbourne and Perth, which both recorded a 1.1 per cent decline, while Sydney had a 0.8 per cent drop in values.
Brisbane and Adelaide posted smaller declines, as did regional areas, which fell 0.2 per cent.
The smaller capital cities — Hobart, Darwin and Canberra — defied the falls elsewhere with modest gains.
Price falls expected to continue
However, CoreLogic’s head of research Australia, Eliza Owen, said most analysts are expecting price declines to continue, with a peak-to-trough fall nationally of about 10 per cent.
“There are definitely some headwinds and risks that lie ahead for the market,” she told ABC News.
READ MORE VIA ABC
