House and apartment prices in most of the Australian capital cities are continuing to trend downwards but at a slower pace, according to the latest figures from CoreLogic.
National dwelling values across the combined capitals fell by 0.4% over May, the smallest month-on-month drop in a year. CoreLogic head of research, Tim Lawless, attributed this improvement to "a slower rate of decline in Sydney and Melbourne where housing values were previously falling at the fastest rate of any capital city.
"Sydney values were 0.5% lower over the month while Melbourne values were 0.3% lower; the smallest decline in values across both cities since March last year," he said.
Adelaide was the only capital to post any value gains in May, while Darwin and Perth saw the biggest falls monthly falls of 1.6% and 1% respectively.
Momentum is also slowing noticeably in Hobart, which saw the strongest value growth of all capitals over 2018. This year, however, prices there have fallen by 0.7% over the three months to May.
Canberra has been the only capital to post any dwelling value growth since 1 January, albeit just 0.2%.
With dwelling price falls moderating, CommBank Senior Economist Belinda Allen predicted that "house prices [would] stabilise in the second half of 2019".
The ongoing price downturn across most capitals comes as the Reserve Bank of Australia is widely tipped to cut the cash rate by 25 basis points to a new record low of 1.25% when its board meets tomorrow.