Housing Downturn Losing Steam As The Pace Of Declining Home Values Continues To Reduce In May

Although at a broad level dwelling values are still trending lower across the regions of Australia, the pace of declines eased further in May, continuing a trend that has been evident since the beginning of 2019. Nationally, dwelling values were down 0.4% in May, which was the smallest month-on-month decline since May 2018.

CoreLogic head of research Tim Lawless said, “This improvement is primarily being driven by a slower rate of decline in Sydney and Melbourne where housing values were…