House prices in Sydney and Melbourne fell 0.7 per cent and 0.6 per cent in April, CoreLogic figures released on Wednesday show, bringing their annual declines to 10.9 per cent and 10 per cent respectively.
“The main thing to take out is obviously values are still declining at a national level but the rate of decline has slowed for the fourth consecutive month. So while that’s maybe encouraging, more regions are seeing declines.” Sydney fell 0.7 per cent to $780,672, Melbourne 0.6 per cent to $621,759, Brisbane 0.4 per cent to $484,047, Adelaide 0.1 per cent to $430,352, Perth 0.4 per cent to $440,546, Hobart 0.9 per cent to $452,302 and Darwin 1.2 per cent to $390,621.
That means while “some people might get a bit more money in their pocket if there is a cut, it’s not necessarily going to drag a lot more buyers into the market”, he added. AMP Capital chief economist Shane Oliver is predicting deeper falls of up to 25 per cent. “The negatives weighing on the property market remain significant,” he said in a client note.
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