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.

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

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.

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
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