Property price downturn extending beyond Sydney and Melbourne

| 01.03,19. 11:20 AM |

Property price downturn extending beyond Sydney and Melbourne

Photo: Tim Lawless says there are about 15 per cent less buyers in the market than there were previously. (ABC News: Ian Cutmore)

Australian home prices fell a further 0.7 per cent last month and are now down nearly 7 per cent from their peak, as the downturn extends beyond Sydney and Melbourne.

The latest February figures from CoreLogic show Darwin and Perth are once again leading the monthly declines in prices, slumping 1.7 and 1.5 per cent respectively.

Although Sydney and Melbourne have still suffered the worst fall over the past year, down 10.4 and 9.1 per cent respectively.

Even the Brisbane market, which did not experience the same steep run-up in prices as the other two big capitals on the east coast has seen prices fall over the month, quarter and past year, although the declines are modest.

Hobart was the only capital city to post an increase in prices last month, with a 0.8 per cent rise showing that its property boom has not completely run out of steam.

Prices in Canberra and Adelaide have been relatively flat over the past few months, and only modestly higher over the past year.

CoreLogic's head of research Tim Lawless said price falls are now extending well beyond the previously booming Sydney and Melbourne markets.

"Every market in Australia is losing steam," he told ABC News.

"We are seeing this downturn becoming quite widespread geographically.

"I think that's a real indicator that lending conditions are throwing quite a dampening blanket over the market entirely."


(Votes: 0)

Other News

Woman accused of fraud against NAB arrested in Sydney Three people treated at Sydney's Lucas Heights nuclear facility after chemical spill Jail for man who buried friend in shallow grave, then stole his identity in cross-country scam Black Saturday bushfire victims lose Federal Court tax case, ordered to pay ATO tax liability Two men charged after former NSW detective shot in face in Melbourne Kerri-Anne Kennerley's husband John dies in Sydney's St Vincent's Hospital 'Simply daft': Man who towed boat down highway with mobility scooter escapes jail time WestConnex tunnel traffic set to be higher than expected, data shows Sixth person charged over alleged police bashing in Melbourne Interest rates set to be slashed as jobless rate rises, big banks warn Ita Buttrose to be named new ABC chair, ending months of leadership uncertainty at the public broadcaster George Pell taken to prison after bail revoked at court hearing for child sex offences George Pell could begin time behind bars as court considers possible jail sentence Police raid motel near Byron Bay after former cop shot in face Property investors battered by a 'perfect storm' of falling prices and tighter credit Elderly woman dies after being struck by train in Brisbane's east Boys' bodies found together in Qld river Warning issued over popular dummies due to strangulation fears Labor proposes crackdown on 'dirty money' laundered through Australian real estate Police hunt for man who spat at officer in St Kilda assault where officer's head was 'smashed against the ground' Newspoll unchanged: Labor leads Coalition Police investigate sudden death at Murdoch University’s South Street campus There are more properties on the market now than at any time since 2012 — and no-one's buying Labor to hit banks and financial institutions with $640 million levy Five taken to hospital from 'high risk' Ultra Music festival in Parramatta Man, 29, charged over alleged sexual assault of young girl Newspoll unchanged: Labor leads Coalition Tourist dies after falling through church skylight at Surfers Paradise Dozens rescued from south-east Queensland beaches as ex-Tropical Cyclone Oma departs Brisbane father disappears from Egypt prison on week of release