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Sydney home prices fall for the first time in 17 months

Monday, Oct 02 2017
Sydney home prices fall for the first time in 17 months

Sydney property prices have dropped for the first time in almost one-and-a-half years, but strong gains for Hobart and Melbourne have continued, according to the latest CoreLogic report. Hobart's 14.3 per cent home price rise is the nation's strongest in the year to September. National capital city rental rises have more than doubled from 0.8 to 2.8 per cent over the past year.

The company's home value index shows Sydney prices inching 0.1 per cent lower last month — the first month-on-month decline since April 2016. Sydney property prices also trod water over the September quarter, rising just 0.2 per cent, the weakest result since values in Australia's largest city dropped 2.2 per cent in the first quarter of 2016. Previous strength in the market means the annual increase in prices to September 30 was still 10.5 per cent.

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