{"id":7886,"date":"2018-08-06T07:19:18","date_gmt":"2018-08-06T07:19:18","guid":{"rendered":"https:\/\/wp.nootheme.com\/citilights\/?p=7886"},"modified":"2018-08-06T07:19:18","modified_gmt":"2018-08-06T07:19:18","slug":"national-housing-values-fall-fastest-since-2012","status":"publish","type":"post","link":"https:\/\/wp.nootheme.com\/citilights\/national-housing-values-fall-fastest-since-2012\/","title":{"rendered":"National housing values fall fastest since 2012"},"content":{"rendered":"<p><strong>Perth is leading a national downturn, with residential property values across Australia falling by the heftiest rate since 2012.<\/strong><\/p>\n<p>The CoreLogic Hedonic Home Value Index, released on 1 August, shows dwelling values across Australia slipped 0.6% in July to 1.6% lower over the past 12 months \u2013 the largest annual fall in five years.<\/p>\n<p>In Perth, house values dropped 0.8% in July, resulting in a 2.3% downswing in the past 12 months.<\/p>\n<p>The median property price in Perth is now $457,274.<\/p>\n<p>CoreLogic head of research Tim Lawless says long running declines in Perth and Darwin, along with accelerated decline in Sydney and Melbourne, fuelled the national slump.<\/p>\n<div id=\"attachment_338605\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-338605\" src=\"https:\/\/www.realestate.com.au\/blog\/images\/922x692-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg\" sizes=\"auto, (max-width: 767px) 100vw, (max-width: 939px) 60vw, (max-width: 1112px) 70vw, 800px\" srcset=\"https:\/\/www.realestate.com.au\/blog\/images\/200x150-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg 200w, https:\/\/www.realestate.com.au\/blog\/images\/400x300-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg 400w, https:\/\/www.realestate.com.au\/blog\/images\/600x450-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg 600w, https:\/\/www.realestate.com.au\/blog\/images\/800x600-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg 800w, https:\/\/www.realestate.com.au\/blog\/images\/1000x751-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg 1000w, https:\/\/www.realestate.com.au\/blog\/images\/1200x901-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg 1200w, https:\/\/www.realestate.com.au\/blog\/images\/1400x1051-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg 1400w, https:\/\/www.realestate.com.au\/blog\/images\/1600x1201-fit,progressive\/2018\/06\/18154330\/2335-Mount-Street-West-Perth-3_800x600.jpg 1600w\" alt=\"23\/35 Mount Street West Perth\" width=\"922\" height=\"692\" \/><\/p>\n<p class=\"wp-caption-text\">In Perth, house values dropped 0.8% in July, resulting in a 2.3% downswing in the past 12 months. Picture: realestate.com.au\/buy<\/p>\n<\/div>\n<p>Western Australia also led the country\u2019s property value decreases in regional areas in the three months to July. While WA\u2019s country dwelling values dropped by 3.5%, the national position was also impacted by falls in regional Queensland of 0.6% and country New South Wales of 0.2%.<\/p>\n<p>The Hobart market held onto the mantle as the best-performing capital city, despite a slowing of the annual rate of growth to 11.5%, the slowest rate since February 2017.<\/p>\n<p>\u201cWe can\u2019t see any factors that may halt or reverse the housing markets trajectory of subtle declines over the second half of 2018,\u201d Lawless says.<\/p>\n<p>\u201cThe availability of housing credit has been a significant factor contributing to this slowdown, however there are a variety of hurdles contributing to slower conditions.\u201d<\/p>\n<p>Lawless says despite the falls, low interest rates would prevent a market collapse.<\/p>\n<div id=\"attachment_296370\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-296370\" src=\"https:\/\/www.realestate.com.au\/blog\/images\/2000x1500-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg\" sizes=\"auto, (max-width: 767px) 100vw, (max-width: 939px) 60vw, (max-width: 1112px) 70vw, 800px\" srcset=\"https:\/\/www.realestate.com.au\/blog\/images\/200x150-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg 200w, https:\/\/www.realestate.com.au\/blog\/images\/400x300-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg 400w, https:\/\/www.realestate.com.au\/blog\/images\/600x450-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg 600w, https:\/\/www.realestate.com.au\/blog\/images\/800x600-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg 800w, https:\/\/www.realestate.com.au\/blog\/images\/1000x750-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg 1000w, https:\/\/www.realestate.com.au\/blog\/images\/1200x900-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg 1200w, https:\/\/www.realestate.com.au\/blog\/images\/1400x1050-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg 1400w, https:\/\/www.realestate.com.au\/blog\/images\/1600x1200-fit,progressive\/2018\/03\/15153419\/Perth-2000x1500.jpg 1600w\" alt=\"Perth city\" width=\"2000\" height=\"1500\" \/><\/p>\n<p class=\"wp-caption-text\">Low interest rates would prevent a market collapse. Picture: Getty<\/p>\n<\/div>\n<p>\u201cWhile dampening factors are at play, consistently low mortgage rates will continue to provide a support buffer which should help to keep a floor under housing demand,\u201d he says.<\/p>\n<p>\u201cOwner occupiers continue to enjoy mortgage rates at the lowest level since the 1960s, and, although investors are paying around a 60 basis point premium on their home loans, interest rates remain low for this segment of the market as well.\u201d<\/p>\n<div id=\"outstream_holder_news\"><\/div>\n<p>Last month, REA Chief Economist Nerida Conisbee warned that while the Perth market had picked up, it would be a slow recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Perth is leading a national downturn, with residential property values across Australia falling by the heftiest rate since 2012. The CoreLogic Hedonic Home Value Index, released on 1 August, shows dwelling values across Australia slipped 0.6% in July to 1.6% lower over the past 12 months \u2013 the largest annual fall in five years. In Perth, house values dropped 0.8%&#8230;<\/p>\n<div><a href=\"https:\/\/wp.nootheme.com\/citilights\/national-housing-values-fall-fastest-since-2012\/\" class=\"read-more\">Read More <i class=\"fa fa-arrow-circle-o-right\"><\/i><\/a><\/div>\n","protected":false},"author":1,"featured_media":11022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,1],"tags":[],"class_list":["post-7886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-uncategorized","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/posts\/7886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/comments?post=7886"}],"version-history":[{"count":0,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/posts\/7886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/media\/11022"}],"wp:attachment":[{"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/media?parent=7886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/categories?post=7886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/tags?post=7886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}