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Financial News: Australia's House Prices Decline In December

Australia's House Prices Decline In December

01/02/2018 - 02:16:00 (RTTNews)

(RTTNews) - House prices in Australia declined at the end of the year, setting the scene for a weaker housing market in 2018, property consultant CoreLogic reported on Tuesday.

The national dwelling price index dropped 0.3 percent month-over-month in December.

"The transition towards weaker housing market conditions has been clear but gradual and is likely to continue throughout 2018," CoreLogic head of research, Tim Lawless, said.

In December, Sydney and Darwin were the weakest housing markets, declining 0.9 percent from November.

During the three months ended December, national home prices also registered a decrease of 0.3 percent.

On a yearly basis, house prices increased 4.2 percent in December.

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