The pace of property price declines in Sydney and Melbourne have sped up over the past month, according to CoreLogic’s Daily Index.
Based on latest data, Sydney prices have fallen by 1.8%, and by 1.2% in Melbourne.
As seen in the chart below from Macquarie Bank, the move has been abrupt compared to the falls being reported earlier this year, especially in Sydney.
“The daily data is showing an acceleration of the decline in Sydney and Melbourne dwelling prices,” Macquarie says.
“Our analysis shows that prices are seasonally weak in December though, so getting a clear read is difficult.”
As pointed out by the Macquarie, and seen in the chart above, prices in both cities also fell in late 2017 before moderating, or in the case of Melbourne reversing, in the early pasts of 2018 as listings fell over summer.
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