Australia’s housing correction marks its twelve month anniversary with values down 2.7% since peaking in September last year
The CoreLogic September home value index results released today reported that half of Australia’s capital cities saw values track lower over the past twelve months. The remaining capital cities, as well as regional markets, have recorded a slowdown in the annual pace of growth as the housing downturn becomes more broadly based.
The Australian housing market continued to weaken in September, with national dwelling values falling 0.5% over the month, marking twelve months of consistently falling values across CoreLogic’s national hedonic home value index. Dwelling values tracked lower across five of the eight capital cities in September while five of the seven ‘rest of state’ regions recorded a fall in values over the month.
Since the national index peaked twelve months ago, dwelling values have fallen by 2.7%; hardly a crash, and a slower rate of decline relative to the previous housing market downturn (Jun 2010 to Feb 2012) when national dwelling values fell by 3.0% over the first twelve months, declining 6.5% from peak to trough.