Sydney home values slid for a second month in June, down a cumulative 1.2% since a recent peak in April.
The largest falls are occurring across the top quartile of the market where home values have dropped by 1.3% over the June quarter, while the least expensive quarter of the market has actually recorded a subtle rise up two-tenths of a percent over the same period.
While home values are trending lower, rents have also declined, falling by 0.8% over the month to be 1% lower over the year.
The weakest rental conditions are confined to the unit market where rates are down 2.1% over the June quarter.
From a more positive perspective, our estimate of sales activity is up by around 40% from the April low and auction clearance rates have averaged 61% through June.
This implies an improvement in buyer demand and a better fit between buyer and seller pricing expectations.