13/09/2022
New data released from CoreLogic shows that 41.9% of house and unit markets analysed in the June quarter have seen a decline. This was a much bigger percentage compared to Q1, when only 23.6% of the markets were on a decline.
The data comes from using CoreLogic’s Home Value Index. To show a national overview of quarterly and annual changes in median home values, they included 3,085 capital city and unit markets in the analysis.
The decline is seen in more areas of Sydney and Melbourne, and more expensive areas like Brisbane, Canberra, and Hobart are also affected. If you look at past data, premium suburbs are more volatile than the more affordable areas. Their values increase quicker during an upturn, but they are also among the first to experience a fall during market declines.
CoreLogic mentions that unit markets are more resilient compared to house markets due mainly to their affordability. They added that fewer unit markets experienced a decline over the quarter vs the houses. This is although units in some of the more expensive inner-city areas are seeing a decline on a national level.
