Worse than Sydney: Melbourne property market suffers biggest fall in values since GFC
Overall dwelling values in Sydney dropped by 0.7 per cent to be 10.9 per cent lower over the year. Since their peak in September 2017, Sydney dwelling values have fallen by 14.5 per cent.
Every capital city except Canberra suffered a fall in house prices last month with Hobart, which had been the nation's strongest market, seeing a 1.2 per cent drop in April. CoreLogic research director Tim Lawless said despite the fall there were signs that the bottom of the market had been reached. "Values are still broadly declining, however the pace of decline has moderated since December last year and there are some tentative signs that credit flows have improved, albeit from a low base. Although the rate of decline has moderated, we are still seeing values falling across most regions of Australia and any recovery in dwelling values is likely to be a long term outlook."
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