Housing downturn in Melbourne and Sydney propelled by expensive areas

CoreLogic on Monday reported that dwelling values dropped by 0.6 per cent last month to be down by 7.4 per cent since their peak in October 2017.

Dwelling values in Sydney dropped by 0.9 per cent in March to be 10.9 per cent lower over the past year. House values, however, have fallen even further, down by 0.7 per cent last month to be 11.8 per cent off since March 2018.Sydney's unit market suffered a hit through March, with values down by 1.2 per cent to be 8.9 per cent lower over the past year.Perth prices dropped by 0.4 per cent to be 7.6 per cent lower over the year while in Darwin they fell by one per cent to be 3.

"While the pace of falls has slowed in March, the scope of the downturn has become more geographically widespread," he said.

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Housing downturn in Melbourne and Sydney propelled by expensive areasAustralian house prices fell even further in March, driven by sliding house values being reported in Melbourne and Sydney's most expensive areas. The corrections only just beginning Australia 😄 If your a first home buyer hang in there for at least another 18 months 😄
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