Home values decline across most capital city suburbs

Home values declined across 93% of capital city suburbs during winter, with most major markets recording falls over the three months to August.

The national Home Value Index fell 0.9% in August, marking the fifth consecutive monthly decline. National home values were 3.6% below the market peak recorded in March.

Sydney records the largest fall

Sydney recorded the largest monthly decline, with values falling 1.4% in August and sitting 7.1% below their February peak.

Melbourne and Canberra both recorded declines of 1.1%, while Brisbane fell 1.0%. Adelaide and Perth each recorded a 0.8% fall over the month.

Regional markets also soften

Regional markets also weakened, with the combined regional index falling 0.4% in August and 1.2% over winter.

Sales activity slows

Property sales activity also weakened. Quarterly home sales were estimated to be 15.5% lower than the same time last year and 11.5% below the five-year average.

More properties remain on the market

Advertised property supply increased as homes took longer to sell. Over the four weeks ending 30 August, capital city listings were 24% higher than a year earlier and 8% above the five-year average.

New listings, however, were 6% lower than a year earlier and 8% below the five-year average.