- Australia records first annual decline in home values since 2012:
CoreLogic reported a 0.1% m/m decline in Australian capital city home values over May, taking the y/y change to (0.4%) – the first negative result since October 2012. May was the eighth consecutive monthly fall in home prices. Sydney’s yearly rate of decline quickened to 4.2%, though Melbourne took over as the weakest housing market over the three months to May, with values there down 1.2% over the period. - Sydney home sellers forced to discount by up to 10%: Business Insider reported that Sydney real estate agents confirmed common discounting of ~10% on home prices as the market stays subdued. Even in pricier eastern suburbs, agents spoke about discounts of 5-10%.
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investorpolitico 