Australia`s largest housing market, Sydney, has continued its slow melt, with dwelling values slipping 0.4% lower over the month to be down 4.3% since the market peaked in July last year.
Core Logic has released their newest housing market update for May 2018.
House values have worn the brunt of the downturn, falling 5.8% since peaking, while unit values have seen some support, down a less substantial 1.4% since peaking, as buyer demand remains stronger across the more affordable price ranges.
As the market slows, the typical selling time for private treaty sales has pushed higher, reaching 36 days at the end of March compared with 31 days twelve months prior.
The longer selling time is also visible in advertised stock levels which are now tracking 26% higher than a year ago.