National: House Prices Continue to Fall in Sydney, Melbourne and Other Capital Cities

House prices slid in many of Australian state capitals in the end of April.

According to property data agency CoreLogic, Melbourne had the steepest weekly decline with 0.2 per cent, followed by Sydney and Brisbane with 0.1 per cent. So far in 2018, the home prices in all five mainland state capital cities have fallen, ranging from Brisbane’s 0.1 per cent to Sydney’s 2.1 per cent.

Many factors could be attributed to these drops, including the higher-than-usual supply of properties. Currently there are 26,879 homes for sale Sydney and 31,195 in Melbourne, indicating a 28.2 per cent and a 11.4 per cent increase from this time last year respectively. Weak household income growth and a decline in the number of foreign buyers also contributed to this weakness.

The amount of properties listed for sale in Sydney. Source: CoreLogic