Housing market posts first annual drop in 6 years, driven by Sydney and Melbourne

Australia’s housing market is continuing to cool down, with prices — on a national basis — recording their first annual decline (-0.4 per cent) in six years.This development comes one month after the nation’s combined capital cities experienced their first annual fall since November 2012.

The average capital city price fell 0.2 per cent in May, according to the latest figures from property analysis firm CoreLogic.

Melbourne has also overtaken Sydney as the worst-performing Australian capital.

Property prices in Australia’s second largest city fell 0.5 per cent last month, and 1.2 per cent in the last quarter — with the median price down to $717,020.

In comparison, Sydney dwelling prices slipped by 0.2 per cent in May, and 0.9 per cent in the last three months.

Sydney’s median price is $871,454, a figure which includes houses and apartments.

 

Source: ABC News

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