Melbourne home values and market activity are being adversely affected by stage four lockdown conditions.

Home values were down 1.2% in August following a similar result in July, taking the cumulative decline to 4.6% through the COVID period so far.

You can also check out the local reports for Brisbane and Sydney.

Similarly, our estimate of home sales has fallen 20% compared with June, demonstrating the impact of lower household confidence and social distancing policies that prevent inspections and on-site auctions.

The upper quartile of Melbourne’s housing market is wearing the brunt of the downturn with values down 7% since March.

Meanwhile, the lower quartile of the market has recorded a smaller 1.&% drop.

Despite the weakest conditions, Melbourne housing values remain 5.9% higher than they were a year ago, demonstrating the strong capital gains that were present prior to COVID-19.

Tim Lawless
About Tim Lawless
Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au
Back
archive__image

Start your Metropole
financial independence
journey today

​​​​​​​Secure your complimentary
consultation