Falls and green shoots in housing market

Over the three months to the end of last month prices fell 3.5% compared to the GFC’s 4.4% bottoming out in August 2008.

CoreLogic’s House Price Index (HPI) shows the national measure of property values fell a further 1.8% in August alone, twice the rate of that in July at 0.9%.

CoreLogic research head, Nick Goodall says restricted, more expensive credit continued to impact increasingly weary buyers with the property market downturn firmly entrenched and evident across the entire country.

“Consumer sentiment can be a key influence on the market and the already-smaller pool of would-be buyers are happy to bide their time in the falling market.”