A recent CoreLogic report showed that, in average weighted terms, median home value decreased by 0.1%, causing the falls over the previous weeks to hit 0.4%, as reported by Business Insider Australia.

Going by the capital cities in the country, it was noted that Sydney prices declined by 0.1% apiece within the week. This was the same situation for Melbourne and Brisbane. Perth, meanwhile, saw a more significant drop of 0.3% in median value.

Opposing the trend was Adelaide, which recorded a gain of 0.2%. Looking closely into the data, this can be associated with the hike recorded in South Australia over the previous month. When compared to values of other capitals, which logged a drop of 0.1% to 0.7% during the same period, South Australia’s increased by 0.3%.

Still connected to the state’s positive market performance, Adelaide prices saw 0.7% uptick this year. Similarly, Brisbane prices trended higher to 0.3% for the year.

As what might have been deduced in the aforementioned data, values in the other state capitals have all declined by 2.2% or even worse for Perth, Sydney, and Melbourne.

Overall, the mainland state capitals’ median price has decreased by 2.7% in average weighted terms.

“The same divergence in the year-to-date performance is also evident in price movements over the past 12 months with modest gains in Adelaide and Brisbane offset by declines in Sydney, Perth, and Melbourne.”

“Median values have fallen by 5.6%, 2.2%, and 1.6% respectively in these capitals over the past year, leaving the national decline at 3.1%,” Business Insider reported.

Moreover, it was highlighted in the report how the increase in properties listed for sale drove the price slumps in the country’s “largest and most expensive cities.”

As of now, Sydney and Melbourne’s home stocks have increased by 22.3% and 12.2%, respectively, compared to the figures in 2017.

In terms of new listings (or properties that have not been put up for sale within the last six months), CoreLogic found that figures have dropped 7.2% and 6.5% in Sydney and Melbourne, respectively, during the same period of time.

Brisbane, on the other hand, also saw higher overall listing levels, balancing declines in all other capital cities.

These pieces of information lead to the insight that the weakening market is discouraging select owners in the specified cities from selling their properties.

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