Theresa Worrell: Sydney Housing Market Update [video]

Sydney dwelling values continued to trend lower in May, down a further 0.5% over the month to be 14.9% lower relative to the market peak back in July 2017.

CoreLogic has released their newest housing market update for June 2019.

The good news for homeowners is that this was the smallest month on month decline since March last year.

Dwelling values are still falling, but nowhere near as fast as they were falling late last year.

Auction clearance rates have bounced higher, holding above 60% over the last week of May and first week of June, providing another indication that housing prices are closer to finding a floor.

Another evolving trend is that unit values are now falling at a faster pace than house values.

The past three months have seen house values fall 1.9% while unit values are down a larger 2.3%.

Potentially we are starting to see some weakness in the unit market as the unprecedented amount of new units settled and moves into the resale market.