Australian house prices continued to fall as five out of eight capital cities saw a drop in prices in July, with Sydney and Melbourne leading the downward trend.
According to real estate data provider CoreLogic, Australian home values dipped by 1.3 percent in July, the third consecutive monthly drop, following a near 29 percent national surge in house prices during the COVID-19 pandemic.
However, capital city house prices were still 5.4 percent higher than in the past year, while regional prices were up 17 percent.
Among the capital cities, Sydney recorded the most significant fall in home values at 2.2 percent.
Additionally, house prices dropped 1.5 percent in Melbourne and Hobart, 1.1 percent in Canberra and 0.8 percent in Brisbane. This was the first time the Queensland capital saw a dip in home values in two years….