Median prices across capitals decreased 0.4% in weighted terms over the previous month, slower than the almost 1% monthly declines regularly recorded in the latter part of 2018 and in early 2019.
Home values stopped declining across the country’s mainland state capitals last week, according to CoreLogic. Median prices across Sydney, Melbourne, Brisbane, Adelaide, and Perth were unchanged in average weighted terms. The stable prices in Sydney, Melbourne, and Brisbane helped counter the slight falls of 0.2% and 0.1% in Adelaide and Perth, respectively.
The stabilisation in values, particularly in Sydney and Melbourne where most declines were recorded over the past year, is something worth taking note of, said Business Insider Australia.
Data also showed that the slowdown in price drops came at a time when new property listings across all capital cities except for Hobart significantly decreased.
There are 19,580 new listings —down 21.9% from the level logged at the same time in 2018. The downward track was due to substantial declines of 32.6% and 28.7% in Melbourne and Sydney, respectively.
Hobart, on the other hand, registered a 14.8% increase in new listings from a year earlier. This partly accounted for the declines of between 6.8% and 14.1% recorded across all other capital cities over this period.
Total listings across the capitals remain higher by 8.1% than the levels in 2018. However, fewer new listings and weak demand led to a substantial drop in the listings’ annual increase compared to levels seen earlier in 2019.
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