Six weeks after we noted that Australian housing regulators were warned to prepare "contingency plans for a severe collapse in the housing market" that could lead to a "crisis situation," CoreLogic reports that Melbourne housing prices have fallen at their fastest quarterly pace on record, according to Australia's News.com.au.
CoreLogic figures released on Friday show national dwelling values declined another 1 per cent in January, bringing the cumulative decline to 6.1 per cent since the overall market peaked in October 2017. -News.com.au
Prices in Sydney and Melbourne fell 1.3% and 1.6% respectively in January, "bringing their rolling quarterly falls to 4.5 per cent and 4 per cent," according to the report.
From their respective peaks in July and November 2017, Sydney housing prices are down 12.3% , while Melbourne has seen a drop of 8.7% - as values drop to levels last seen between late 2016 and early 2017.