Australia: Correction in dwelling prices continues – Westpac

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Matthew Hassan, Senior Economist at Westpac, notes that the Australia’s CoreLogic home value index, covering the eight major capital cities, dipped 0.3% in June marking the ninth successive monthly decline.

Key Quotes

“Prices nationally are down 1.6%yr and 2.2% from the peak in Sep last year.”

“The correction remains both relatively shallow and narrowly-based, concentrated in the previously strong Sydney and Melbourne markets.”

“For the June month, unit prices showed a slightly milder fall than houses (–0.2% vs –0.3%) although annual growth for units remains positive and is significantly outperforming price growth for houses (+0.4%yr vs –2.2%yr for houses).”

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