Sydney and Melbourne clock second week of price slump

By Gerv Tacadena

Sydney and Melbourne prices decline after a strong recovery two weeks ago.

Property prices in two of the biggest housing markets, Sydney and Melbourne, have shown signs of weakness again for the second consecutive week after recovering just recently.

Citing CoreLogic data, the Business Insider Australia said Sydney home prices slid 0.1% lower while that of Melbourne declined by 0.2% over the past week. This followed the 0.2% drop witnessed during the preceding week.

Perth reported the biggest price decrease at 0.3%. Only Adelaide saw a price appreciation of 0.1%. Brisbane, on the other hand, flatlined.

In terms of monthly falls, Perth led the pack with a 0.8% drop.

Looking at the annual growth of prices, only Brisbane and Adelaide reported positive growth at 0.7% and 0.9%, respectively.

Sydney saw the biggest year-on-year decline at 5.9%, followed by Melbourne and Perth at 2.5%.

These price declines came as auction rates across Australia slowed down to 55%. Throughout the first few weeks of the spring market, home buyers appear to be more reluctant, especially in Brisbane and Melbourne.

Meanwhile, new listings were down in all state capitals except Hobart and Canberra. The biggest slump in the number of new listings was seen in Perth at 10.6%., followed by Adelaide's 5.5%.

With regards to the overall number of listings, only two capitals recorded a decline from last year, Adelaide and Hobart. Listings grew the most in Sydney, totalling 28,045 which is 22.8% higher than last year.

More Mortgage News