National housing values continued to slide in January, as the slowdown in Sydney maintains its ripple effect on the Australian property market.
According to CoreLogic’s January Hedonic Home Value Index results, national dwelling values fell 0.3% in the first month of 2018.
Worst hit was Sydney, which registered a drop of 0.9%. This was followed by Perth which dropped 0.4% and the Melbourne, Adelaide, Darwin and Canberra which all saw a 0.2% dip. Canberra saw a decline of 0.1% and Brisbane values were dead flat (0.0%).
Hobart, the unlikely hero of the last six months, was the only capital city to see an increase (+1%).
“While January may deliver additional noise in the indices results, the negative monthly result lines up with recent months, which showed a softening trend, particularly in Sydney and, to a lesser extent, Melbourne,” said CoreLogic Head of Research Tim Lawless.
“In the absence of a catalyst to reinvigorate the market, such as lower mortgage rates or a loosening in credit policies, we expect to see a continuation of softening conditions across these markets,” he concluded.