Property values in Brisbane and Perth rose in the December quarter while values across all other capital cities fell. In December, Sydney values tumbled by 1.2% and Melbourne values declined by 1.9% as the market slowdown hit.
Most capital cities had a much slower December, according to the latest CoreLogic RP Data Home Value Index figures.
While Perth performed well in the December quarter with a 2.3% rise, overall property values have declined by 3.7% in the past 12 months.
Values had been rising across the board since June 2012, but most cities saw little positive change towards the end of 2015 with values dropping by 1.4% across all capitals.
High-end properties saw the biggest drop with values declining by 1.9%.
Despite the slowdown, property owners in Sydney and Melbourne still did better overall than those in other cities, says CoreLogic RP Data head of research Tim Lawless.
“The wealth created from housing in Sydney and Melbourne has been exceptional over the past twelve months,” he says. “In dollar terms, Sydney home owners have seen approximately $82,000 added to their wealth thanks to the strong capital gains over the year while home owners in Melbourne have seen the value of their dwelling grow by approximately $60,400.”
“Home owners in the remaining capital cities have seen some erosion of their wealth via falls in the value of their dwelling. The largest losses have occurred in Perth where the average dwelling is now worth approximately $19,970 less than it was 12 months ago, while Darwin home owners have seen the value of their home shrink by a similar $18,150,” Lawless says.
Capital city change in dwelling values