PHOTO: Sydney. FILE
Sydney house prices have fallen by 0.2 per cent over the past four weeks, reversing the small gain recorded during January amid a surge in listings and weakening demand from buyers, CoreLogic data shows.
The rolling 28-day change in the CoreLogic daily index shows Sydney prices slipped into negative territory on February 19 for the first time since October 2020.
With only six days left in the month, Sydney is on track to post its first monthly drop in prices since the market last bottomed out in September 2020, said Tim Lawless, CoreLogic’s research director.
“The downward trend in our measure of Sydney home values is relatively mild, but it looks to have some momentum based on daily data updates,” he said.
“It’s likely we will be reporting the first month-on-month decline in Sydney’s home value index since September 2020.
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