PHOTO: Australian housing values dropped 0.6 per cent in July, according to new figures.
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Australia’s largest cities are continuing to lead the property market downturn, with new figures showing price falls accelerated in both Melbourne and Sydney last month.
Australian housing values dropped 0.6 per cent in July, according to the latest CoreLogic Home Value Index, released Monday, marking the third consecutive month of prices falls amid the coronavirus pandemic.
Melbourne recorded the largest drop, with the median dwelling value falling 1.2 per cent over the month to $678,334. It was followed by Sydney with a decline of 0.9 per cent to a median of $866,110.
CoreLogic’s head of research Tim Lawless said despite the declines, overall, Australia’s housing markets had remained relatively resilient through the COVID-19 pandemic so far.
“The impact from COVID-19 on housing values has been orderly to date, with CoreLogic’s national index falling only 1.6 per cent since the recent high in April – and housing turnover has recovered quickly after its sharp fall in late March and April,” he said.