Sydney Housing Prices Fall for a Second Month as Market CoolsBy
Sydney housing prices fell for a second month in October, adding to signs Australia’s biggest property market is cooling.
Home values in Australia’s largest city declined 0.5 percent last month, following a 0.1 percent drop in September, according to CoreLogic Inc. data released Wednesday. Nationally, prices were unchanged, with the fall in Sydney, Canberra and Darwin offset by gains in Melbourne, Brisbane and Hobart.
“Seeing Sydney listed alongside Perth and Darwin, where dwelling values have been falling since 2014, is a significant turn of events,” said Tim Lawless, CoreLogic’s head of research. “The slowdown in the pace of capital gains can be attributed primarily to tighter credit policies which have fundamentally changed the landscape for borrowers.”
The consecutive monthly decline in Sydney prices comes as regulatory curbs on loans favored by property investors start to bite.