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The CoreLogic July home value results confirmed that the national dwelling values continue to gather downhill momentum with no end in sight.
Over the month, national dwelling values slipped by 0.6 of a percentage point and by 1.6 per cent over the past 12 months, the largest annual fall since August 2012.
Since peaking in September last year, the housing market has recorded a fall of 1.9 per cent in value; however, housing values remain 31 per cent higher than they were five years ago.
CoreLogic head of research Tim Lawless said that there were no suggestions that the declines being seen would ease up over the second half of 2018.
“We can’t see any factors that may halt or reverse the housing market’s trajectory of subtle declines over the second half of 2018,” Mr Lawless said.
Mr Lawless said that the weakness in dwelling values was being driven by long-running declines in cities.
“The weakness in dwelling values is being driven by the long-running declines in Perth and Darwin along with an acceleration in the rate of decline across Sydney and Melbourne and slowing growth rates across most of the remaining regions,” Mr Lawless said.
Five of the eight capital cities saw values slip lower over the past three months, with the weakest-performing city being Melbourne with a drop of 1.8 per cent, followed by Perth with 1.5 per cent.
The best-performing city was Hobart, which saw an increase of 1.1 per cent over the past three months, and the two other cities to receive a bump were Brisbane with 0.5 of a percentage point and Adelaide with 0.7 of a percentage point.
However, even the bumps for Brisbane and Adelaide show a decreased rate of increase; Brisbane has seen its growth slow from 2.9 per cent a year ago to just 1.2 per cent, and Adelaide has seen growth ease from 5.4 per cent a year ago to just 0.7 of a percentage point.
Regionally, the dwelling values were down by 0.2 of a percentage point over the three months ending in July, driven by falls in regional NSW of 0.2 of a percentage point, Queensland by 0.6 of a percentage point and WA by 3.5 per cent.
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