Australian house prices

Australian house prices fall for fifth straight month

PHOTO: Australian property market

Australian home prices eased for a fifth straight month in September, weighed down by the two largest cities of Sydney and Melbourne, though the other six capital cities enjoyed an upturn in both values and listings.

Data from property consultant CoreLogic on Thursday showed home prices across the nation slipped 0.1 percent in September from a 0.4 percent decline in August and 0.6 percent in July.

The pace of monthly declines has been slowing as coronavirus-driven mobility restrictions have lifted across much of the country.

Prices were up 4.8 percent on September 2019, reflecting the strength of the market ahead of the pandemic.

Values in the capital cities fell 0.2 percent in September, but were 4.9 percent higher on the year.

Melbourne was the major loser, with a monthly drop of 0.9 percent as the lockdown curtailed auctions and damaged buyer confidence. Sydney saw values fall 0.3 percent, compared with a 0.5 percent drop in August.

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