Melbourne housing values recorded a third consecutive month of declines in June resulting in 2.3% drop in values over the quarter.
Melbourne`s top quartile properties are recording the largest declines, down 3.7% over the second quarter.
Lower quartile values fell by only half a percent.
Previous phases of the housing market have shown a very similar trend with the most expensive segment of the marketplace leading the growth phase as well as the downswings.
Melbourne rents were down six-tenths of a percent in June the unit sector recording more substantial downwards pressure on rents than houses.
Despite lower values housing demand has gathered some pace across Melbourne after sales dropped by a third in April, our estimate of sales in June was up almost 60% on that April low.