Home values are currently declining from their recent cyclical peaks in most capital city markets across the country, with Perth and Darwin recording the most severe falls.
Basing on a chart from CoreLogic Research Analyst Cameron Kusher, Business Insider Australia noted that prices across the capital cities, except for parts of Adelaide and in Hobart, are dropping by varying points.
Perth and Darwin saw the most acute falls given that prices in the city have been decreasing the longest due to the slowdown in Australia’s mining investment earlier this decade.
Sydney and Melbourne, the country’s largest cities, were not spared from the downward shift. Numerous regions in these capitals posted declines of 5% or more, with prices now dropping from last year’s highs at a faster pace.
The report also found that more affordable markets such as Brisbane and the Australian Capital Territory saw a minimal decline compared to others.
Parts of Adelaide and in Hobart, meanwhile, saw prices remain at cyclical peak territories. This partially implies that both cities are less affected by stricter home-loan lending standards, according to CoreLogic.
