Housing Prices Fall For 11th Straight Month
The Australian housing market has continued to slump, with prices diving for the eleventh straight month in August.
According to CoreLogic, Australia’s median home price slipped 0.3% in August, following a 0.6% drop in July.
Prices have continued to dive across most capital cities, lead by Sydney, Melbourne and the top-end of the market.
Results mark a 1.1% housing price decline in the last three months, with overall drop for the past year hitting 2%.
The median home price for Australian capital cities slumped 0.4% in August, with regional prices dipping 0.2%.
Darwin, Adelaide and Canberra are the only capital cities to debunk trends, with prices lifting 0.1%, 0.3% and 0.5% respectively.
According to CoreLogic, Melbourne is now Australia’s weakest capital city housing market, followed by Perth.
Concerning future outlook, the Australian housing market is expected to remain “challenging” throughout spring.