Slight Fall For Sydney House Prices
NSW capital on track to record first dip since September 2020.
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Slight falls of over 0.2% over the past four months, undoing a small gain recorded in January amid a surge in listings and weakening demand from buyers according to CoreLogic data.
The 28-day rolling tally in the CoreLogic daily index shows Sydney prices slipped into negative territory on February 19 for the first time since October 2020.
With the month almost at an end, the NSW capital is on track to post its first monthly drop in prices since the market bottomed out in September 2020.
“It’s likely we will be reporting the first month-on-month decline in Sydney’s home value index since September 2020,” according to Tim Lawless, CoreLogic’s research director.
“It’s certainly not showing evidence that the market is crashing, it’s probably best described as a levelling out in price, similar to what we’re seeing in Melbourne.”
According to Mr Lawless, the weakening trend in prices is likely to continue as stock is pushed onto the market through to Easter.
“One of the best leading indicators – the comparative market analysis generated by real estate agents on CoreLogic’s RP Data portal when they prepare properties for sale – had risen by 23 per cent over the year and 45 per cent higher than 2020,” he said.
Melbourne too is showing signs of softening with CoreLogic’s daily index reading indicating no change over the past four weeks following a 0.2% price gain in January.
Perth is only recording 0.2% growth over the rolling four-week measures, while housing values continue to record higher gains in Brisbane and Adelaide — up 2.1% and 1.6% respectively over the 28 days ending February 22.
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