Housing value in Australia has been falling for 8 months

The decline in housing market values in Australia has moved to the 8th month in a row, but the pace has slowed down.

According to data calculated by Corelogic, a risk management company serving in Australia and New Zealand, the housing value index decreased by 0.1 percent in January compared to the previous month. Thus, the decline that started in July 2022 continued in the 8th month.

While the housing value decreased by 7.9 percent on an annual basis, the decrease was 2.3 percent for the last 3 months.

Prices in Sydney, one of the largest cities in the country, increased by 0.3 percent, while in Melbourne, there was a decrease of 0.4 percent and 0.5 percent in the capital, Canberra.

Corelogic assesses housing prices in Australia’s 8 largest cities. These cities are Sydney, Melbourne, Canberra, Brisbane, Adelaide, Perth, Hobart and Darwin.

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