National Property Market March Update

Last month’s housing market results showed an easing in the rate of decline relative to the previous two months. However, our National home value index was down a further 0.7% in February, taking the total decline in the national dwelling values to 6.8% since the market peaked in October 2017.

National Dwelling values have returned to levels last seen in September 2016 and values have fallen over fourteen of the sixteen months across Australia overall.

Although home values have been falling for almost a year and a half, nationally dwelling values remain 18% higher than they were five years ago highlighting that most home owners remain in a strong equity position despite the persistently weaker conditions.

Despite the reduced rate of decline, the February results remain overall weak, with the geographic scope of negative conditions becoming more widespread over recent months.