The latest CoreLogic home value index results show the slowdown in the national market has become more broadly based with the majority of capital city regions recording a fall in dwelling values.  In this week’s Pulse we look at how value changes have tracked over the quarter and year across capital city SA4 regions.

Over the three months to August 2018, combined capital city dwelling values fell by -1.2%. Throughout the individual capital cities, falls were recorded over the three months in: Sydney (-1.2%), Melbourne (-2.0%), Perth (-1.9%) and Darwin (-0.7%) while values increased in Brisbane (0.1%), Adelaide (0.5%), Hobart (0.1%) and Canberra (0.4%).
When digging a little deeper into the data and analysing value changes across the sub-regions (based on SA4 regions) of the capital cities, it is clear that values are drifting lower across most areas. Of the 46 capital city sub-regions (note that Hobart, Darwin and Canberra are each comprised of a single SA4 region) only 13 have recorded an increase in values over the period with all others recording a fall.

Looking at the data, five SA4 regions of Brisbane and three SA4 regions of Adelaide recorded value increases over the quarter. Even though values are falling across the Sydney metro area, North Sydney and Hornsby and City and Inner South have recorded moderate value increases over the quarter. Not one region of Melbourne has recorded an increase in values over the past three months.

Of the 33 SA4 regions in which values fell over the past three months, Melbourne-Inner East (-3.7%), Mandurah (-3.3%) and Blacktown (-3.0%) recorded the largest falls at a rate of 1.0%/month or more. 
Over the three month period, dwelling values in Melbourne fell by -2.0% and the North West region of the city recorded the most moderate value fall of -1.0%.  Similarly in Perth, values were 1.9% lower over the quarter and the South West region recorded the most moderate quarterly fall, down -1.1%.

CoreLogic_Change in values three months to Aug18