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Weaker housing market conditions continue

19 January 2018

Last year was the weakest calendar year for value growth since 2012 according to the CoreLogic December Hedonic Home Value Index results. View here

National dwelling values fell by 0.3% in December, with the weakest conditions in Sydney and Darwin. 

Sydney dwelling values fell by 0.9% over the month to be 2.1% lower over the December quarter and 2.2% lower relative to their August 2017 peak. 

CoreLogic head of research, Tim Lawless said: “From a macro perspective, late 2016 marked a peak in the pace of capital gains across Australia with national dwelling values rising at the rolling quarterly pace of 3.7% over the three months to November.  

“In 2017 we saw growth rates and transactional activity gradually lose steam, with national month-on-month capital gains slowing to 0% in October and November before turning negative in December.”

Sydney’s annual rate of growth is now tracking at just 3.1%, compared to the peak of 17.1% seven months ago. Despite the reversal in growth rates since August 2017, Sydney dwelling values remain 70.8% higher than their cyclical low point in February 2012.  

Sydney also continues to see an increase in the number of properties advertised for sale with volumes 26.5% higher than a year ago. However the city’s final auction clearance rate did fall below 60% for the final eight weeks of the year and were much lower than a year ago.