Australia: Correction in dwelling prices continues - Westpac

Matthew Hassan, analyst at Westpac, notes that the Australia's housing market correction continued in March with prices nationally recording an 18th consecutive monthly decline.

Key Quotes

“While there are some tentative signs that the pace of falls may be moderating, the start of the year has also seen prices soften in some markets that had been more stable through the correction to date.”

“The CoreLogic home value index, covering the eight major capital cities, declined 0.7% in March following a 0.9% decline in Feb and average monthly falls of 1.2% over Nov-Jan. Much of the more moderate pace of decline likely reflects seasonality coming out of the summer holiday period which tends to see weaker prices. Prices nationally are down 8.2%yr and are now 9.2% below their Sep 2017 peak.”