Australia's property slump goes national: How the downturn has spread to EVERY state capital in 2019 - with prices in Sydney now down by at least $169,000 in less than two years
- CoreLogic data showed every mainland state capital declined in March quarter
- The quarterly pace of property decline had slowed in Sydney and Melbourne
- Australia's real estate downturn however is more geographically widespread
- Melbourne's inner-east and Sydney's Ryde area are worst performing markets
- Australia's biggest cities continue to suffer from double-digit house price falls
Australia's housing market contagion is spreading beyond Sydney and Melbourne with every mainland state capital city going backwards in the first quarter of 2019.
Real estate data group CoreLogic has revealed that while the pace of decline is slowing in Australia's biggest cities, despite double-digit annual house price drops, more places had been infected.
'While the pace of falls has slowed in March, the scope of the downturn has become more geographically widespread,' the group's head of research Tim Lawless said.
Australia's housing downturn is spreading beyond Sydney (pictured) and Melbourne with every mainland state capital city going backwards in the first quarter of 2019
Sydney's median house prices has dived by a record 16 per cent or $169,140, to $880,594, since peaking in July 2017 despite record-low interest rates.
Prices in Australia's biggest city have slumped by 11.8 per cent during the past year, with Sydney home to seven of Australia's 10 worst performing metropolitan housing markets.
Melbourne's equivalent values has plummeted by 13.8 per cent, to $718,443, since reaching a summit in November 2017, with median house values diving by an annual pace of 12.4 per cent.
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While both cities were home to Australia's 10 worst performing housing markets, the rate of decline is slowing in Sydney and Melbourne.
Sydney's dwelling values, for houses and apartments, dived by 3.2 per cent in the March quarter while Melbourne suffered a 3.4 per cent decline during the same period.
Australia's biggest cities had suffered quarterly falls of more than four per cent in the three months to the end of February 2019.
Sydney's median house prices has dived by 16 per cent, to $880,594, since peaking in July 2017 despite record-low interest rates
Melbourne's equivalent values has plummeted by 13.8 per cent, to $718,443, since reaching a summit in November 2017
The downturn, however, is now more widespread with every other state capital slipping during the March quarter, with dwelling values falling by 1.1 per cent in Brisbane (city centre pictured)
The downturn, however, is now more widespread with every other state capital slipping during the March quarter, with dwelling values falling by 1.1 per cent in Brisbane, 0.5 per cent in Adelaide, 2.9 per cent in Perth and 3.9 per cent in Darwin.
Hobart bucked the trend, with quarterly values rising by 1.2 per cent as median dwelling prices remained flat in Canberra.
House prices in Australia's biggest cities had enjoyed solid growth between 2012 and 2017, which saw Sydney values surge by 68 per cent as Melbourne prices climbed by 54 per cent, Australian Bureau of Statistics data showed.
The downturn began in 2017 as the Australian Prudential Regulation Authority cracked down on investor and interest-only loans, which caused investors to lose faith in real estate.
Melbourne's inner-east has the dubious distinction of being Australia's worst performing housing market, with values plunging by 16.1 per cent during the past year.
Ryde, in Sydney's north, suffered an annual downturn of 14.7 per cent, with values in Sydney's inner south-west diving by 14.1 per cent.
Adelaide's (pictured) house and apartment values slipped by 0.5 per cent during the March quarter
Double-digit dwelling price declines were also recorded in Sydney's inner south (down 10.9 per cent), Parramatta in Sydney's west (down 11.1 per cent), Melbourne's outer east (down 11.3 per cent), Sydney's eastern suburbs (down 11.4 per cent), Sydney's south-west (down 11.6 per cent), Sydney's Sutherland Shire (down 12.4 per cent) and Melbourne's inner south (down 13.2 per cent).
By contrast, Hobart was Australia's top-performing market with house and apartment prices surging by six per cent during the past year, putting it a long way ahead of Canberra, where values rose by 3.1 per cent.
Adelaide and Brisbane were among the top 10 suburban housing markets, even though annual values in some parts of the Queensland capital had fallen.
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