Cotality’s daily dwelling values index shows that values at the 5-city aggregate level declined by 0.9% in July, with losses recorded across all major capital cities except for Perth. The pace of decline at the 5-city aggregate level, and indeed in most other major capital cities, has also steepened:Values have now declined from their latest respective daily peaks across all major capital city markets. AdvertisementAs illustrated below, cumulative value losses have now hit 5% in both Sydney and Melbourne, while smaller losses of less than 1.0% have been recorded in the other major capital cities. At the 5-city aggregate level, the peak-to-trough value decline has now hit 2.3%. The national capital city auction clearance rate has tracked below 50% for nine consecutive weeks, despite rebounding modestly in July.