Home News Melbourne becomes the worst-performing housing market

Melbourne becomes the worst-performing housing market

Font size :

Melbourne becomes the weakest performing housing market.

There is nothing new with the downtrend in home prices across Australia except one thing: Melbourne overtook Sydney as the weakest housing market in the country.

Citing the latest figures from industry think tank CoreLogic, The Australian Financial Review (AFR) said prices from last week fell by 0.1% on average, with Perth registering the biggest price drop of 0.3%.

However, looking at monthly and year-to-date figures, Melbourne posted the biggest declines at 0.9% and 4.4%, respectively.

On a yearly basis, the median value of homes across state capitals fell by 4.1% despite the modest improvement in Brisbane and Adelaide.

CoreLogic said one factor behind the price weakness is the increased number of listings in Sydney (20%), Melbourne (16.6%), and Perth (0.2%).

Overall, Australian capitals witnessed an average of 8.9% increase in listings from a year ago.

It is important to note that new property listings, which pertain to those who have not been up for sale in the past six months, have fallen by 4.5% during the same time frame.

The inflating number of listed homes reflects the buyers' disinterest in buying a new property. With a weaker demand, the average time a property stays on the market is likely to increase.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

The Keys to Performing a Proper Property Inspection The Keys to Performing a Proper Property Inspection

A property inspection is key when you're serious about buying a home or property, but how do you know what to look for? Read more

Aussie home loan market gets shot in the arm from US private equity Aussie home loan market gets shot in the arm from US private equity Non-bank lenders' growth cushioned the impact of reduced credit on home prices ... Read more

Number of First Home Buyers hits six-year high Number of First Home Buyers hits six-year high FHBs are now entering the market in numbers not seen since 2012 ... Read more

What could cause a 20% home price decline in Sydney, Melbourne? What could cause a 20% home price decline in Sydney, Melbourne? The downtrend will impact dwelling construction and would likely reduce credit growth ... Read more

More mortgage news and articles

Sponsored Links

Sunday, Oct 21, 2018
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords