National Home Values Continued to Fall in November
Last updated on December 1st, 2022
According to Core Logic's latest report and data, national home values continued to fall in November, down -1.0% over the month to be -7.0%, or approximately -$53,400, below April’s peak.
The easing in the rate of decline is mostly emanating from Sydney and Melbourne, but is also evident across many of the smaller capitals and most regional markets. Across the capital cities, Brisbane and Hobart (both down -2.0%) led the monthly rate of decline in November, while at the other end of the spectrum, Perth values held firm and Darwin nudged 0.2% higher over the month.
Perth and Darwin markets are yet to record any signs of a material reversal in housing prices.
CoreLogic’s research director, Tim Lawless, said the easing in the rate of decline is mostly emanating from the Sydney and Melbourne markets, but is also evident across many of the smaller capitals and most regional markets.
According to the data, Across all capital cities, Brisbane and Hobart (both down -2.0%) led the monthly rate of decline through November, while at the other end of the spectrum, Perth values held firm and Darwin nudged 0.2% higher over the month.
While national home values continued to fall in November, many have become anxious about the possibility of negative equity. If you are concerned about housing prices in your area, want to know how much your property is worth or wanting to refinance to a lower monthly repayment, you should speak with a mortgage broker today.
