No end in sight as housing prices take another dive

Australian house prices have fallen for the 11th month in a row, with Melbourne and Sydney leading the slump.

According to recent CoreLogic data, Melbourne has see a 2 per cent fall in three months – the worst result out of all the capital cities.

Sydney saw an annual decline of 5.6 per cent and a 1.2 per cent decline over the quarter.

Hobart was the outlier, experiencing a boom of 10.7 per cent over the past year.

Head of Research at CoreLogic Tim Lawless tells Ross Greenwood there’s no indication the decline will stop any time soon.

“There’s no real sign that the market is any closer to its bottom.

“We’re expecting falls to continue for at least the rest of this year and probably well into next year.”

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Tim tells Ross some of the biggest falls have been in the more affluent sections of the market.

“In both Sydney and Melbourne we are starting to see some declines… across the more affordable segments of the market.

“But certainly it’s the higher valued housing areas where we are seeing the largest falls.”