Property prices in Australia logged minimal change in November, according to a new report released Friday by property analytics provider CoreLogic.
Capital city values saw a fall of 0.1% compared to October, while the combined regional markets of Australia saw values rise 0.2%, according to CoreLogic’s November Hedonic Home Value Index. The report did not break out luxury home values.
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A significant contributor to the downward movement of the month came from the Sydney housing market, which recorded a relatively larger 0.7% fall in values, according to Tim Lawless, CoreLogic head of research.
"Softer housing market conditions across Sydney, which comprises roughly one-fifth of national dwelling stock (and approximately one-third by value), has a material influence over the headline growth trends," Mr. Lawless said in the report.
A fall in value was also recorded in Darwin, which was down 0.4% over the month.
November prices in other cities either crept up month-on-month or remained totally flat, like Adelaide, which recorded no change in home values between October and November. Canberra saw the biggest monthly boost with a rise of 0.9%.
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Year-on-year, Hobart recorded the largest gains, up 11.5% to A$398,093 (US$303,020). Melbourne followed with a yearly jump of 10.1%, putting its home values at A$718,325 (US$546,774).
Only Perth and Darwin saw values dip year-on-year. The latter dropped 5.5%, while Perth values are 2.6% lower than a year ago at A$463,026 (US$352,446).
The Perth housing market may finally have bottomed out through, with values across the city edging higher over each of the past three months to record the first rolling quarterly capital gain since late 2014, according to the report.