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Sydney has the worst November with biggest drop in values nationally

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Dwelling values were flat for the second consecutive month in November, as Sydney continues to trend down, taking the national average with it.

According to figures from CoreLogic released on Friday, Sydney was the worst performer across the nation with a -0.7% decline in dwelling values for November.

At the other end, Canberra led the way with a +0.9% increase followed by rising star Hobart (+0.6%).

Melbourne, which has proved more resilient than Sydney, thanks to the strong population and job growth, came in third with +0.5% growth.

Perth (+0.2%) continued to bounce back, followed by almost flat Brisbane (+0.1%) and dead flat Adelaide (+0.0%).

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Darwin was the worst performer (-0.4%), and combined capital growth dipped –0.1%.

“Softer housing market conditions across Sydney, which comprises roughly one-fifth of national dwelling stock, and approximately one-third by value, has a material influence over the headline growth trends,” CoreLogic Head of Research said.

Lawless also noted that the Perth market may have “bottomed out”, and now begin to recover.

“If this is indeed the start of a recovery phase in the Perth housing market, it comes after dwelling values have fallen 10.8% since peaking in mid-2014.” he said.

Source: CoreLogic