Melbourne housing market conditions remained subdued through September, with values down 0.9% over the month.
Although this was by har the weakest result across the capitals, it’s a smaller decline relative to the previous three months where values were down more than 1% each month.
With the virus curve flattening earlier than expected, restrictions across Melbourne are being eased which is likely to see housing activity start pick up through October.
Early indications from CoreLogic platforms are already showing a rise in pre-listings activity as prospective vendors prepare to make the most of a late spring selling season.
Rental markets have also weakened, with unit rents bearing the brunt of the downturn.
Unit rents have fallen by 5.5% since March while house rents are only down by 1%.