Australia’s Housing Downturn Spreads to 93% of Capital-City Suburbs

Cotality’s national Home Value Index fell 0.9% in August, its fifth consecutive monthly decline, leaving values 3.6% below the March peak. Values fell across 93% of capital-city suburbs during winter, compared with 45.8% in autumn; Sydney dropped 1.4% in August and was 7.1% below its February peak. Quarterly estimated sales were 15.5% lower than a year earlier, while capital-city listings in the four weeks to August 30 were 24% higher. Research director Tim Lawless said the market was experiencing more generalised softening and buyers lacked confidence to transact.