Australia`s largest housing market, Sydney, has continued its slow melt, with dwelling values slipping 0.4% lower over the month to be down 4.3% since the market peaked in July last year.
Core Logic has released their newest housing market update for May 2018.
House values have worn the brunt of the downturn, falling 5.8% since peaking, while unit values have seen some support, down a less substantial 1.4% since peaking, as buyer demand remains stronger across the more affordable price ranges.
As the market slows, the typical selling time for private treaty sales has pushed higher, reaching 36 days at the end of March compared with 31 days twelve months prior.
The longer selling time is also visible in advertised stock levels which are now tracking 26% higher than a year ago.
YOU MAY ALSO BE INTERESTED IN WATCHING:
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.