According to Business Insider, Australian home prices fell by 0.2% last week, steeper than the 0.1% decline seen in early July.
Melbourne and Sydney once again led the declines, falling 0.3% and 0.2% respectively. Prices were also lower in Adelaide and Perth.
Total property listings across the country remain higher than a year ago thanks to large increases in Sydney and Melbourne.
Australian home prices fell at a faster pace last week, led by declines in all mainland state capitals except for Brisbane.
According to CoreLogic, the median price across the country fell by 0.2% in average weighted terms, led by declines of 0.3% in Melbourne and 0.2% in Sydney.
Along with declines in the largest and most expensive capitals — accounting for around 60% of Australia’s total housing wealth — median prices also slipped by 0.1% apiece in Adelaide and Perth.
Brisbane was the one exception to the rule with prices holding steady from a week earlier.
Combined with prior falls, the weekly movements left prices nationally down 0.5% over the past month.
Give WE Mortgage Solutions a call to see how we might be able to help your dream of entering the Melbourne property market, a reality!