Australia's Property Downturn Chalks Up One-Year Anniversary
- Dwelling values have fallen 2.7 percent since Sept. 2017 peak
- Sydney and Melbourne are now the primary drag, says CoreLogic
This article is for subscribers only.
Australia’s property slump has reached the one-year mark as the nation’s two major cities have become the biggest drag.
National dwelling values dropped 0.5 percent last month, weighed by declines in Sydney and Melbourne, according to CoreLogic Inc. data released Monday. Prices in the two east coast cities, which make up more than half of the national value of housing, have fallen 6.1 percent and 3.4 percent respectively from a year earlier.