Home price falls stabilising, CoreLogic figures show

The housing market looks to be finding its feet, with price falls levelling out, figures suggest.

A recent auction in Melbourne. Picture: Nicki Connolly

The housing market looks to be finding its feet, with a preliminary look at this month’s price falls showing a levelling out in the drastic turnaround from the end of 2018.

Property researcher CoreLogic’s daily home value index shows that the first 26 days of June saw prices track 0.2 per cent lower across Australia’s five largest capital cities, including Sydney, Melbourne, Brisbane, Adelaide and Perth.

Melbourne posted a subtle rise of 0.1 per cent while Sydney values have edged 0.1 per cent lower over the month to date.

It is a stark contrast to December 2018, when values in Sydney fell 1.8 per cent and Melbourne sank 1.5 per cent.

The ongoing trend towards smaller value falls indicates early signs that housing values are stabilising across the largest cities, primarily driven by a boost in market confidence, lower interest rates and the election outcome.

Final index results for June will be reported on July 1, providing an overview of value shifts across each of the major regions of Australia.