Every Australian capital city except Canberra registered falling home prices in April as values dipped 0.5 per cent across the country, property analytics firm CoreLogic says.
The data released on Wednesday recorded the largest drop in Darwin, down 1.2 per cent, followed by Hobart with 0.9 per cent, Sydney with 0.7 per cent and Melbourne with 0.6 per cent.
CoreLogic researcher Tim Lawless said the results from the Tasmanian capital, where prices had risen 0.8 per cent in February and 0.6 per cent in March, illustrated that the geographic scope of falls was spreading even as the extent of the slide eased.
“Although the rate of decline has moderated, we are still seeing values falling across most regions of Australia and any recovery in dwelling values is likely to be a long term outlook,” he said.
Home prices in Canberra rose 0.4 per cent in April to a median value of $596,405 following a flat result in March.
The CoreLogic Hedonic Home Value Index for April stated that over the last 12 months prices fell 10.9 per cent in Sydney and dropped 10.0 per cent in Melbourne.