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Repeated outbreaks, Melbourne's biggest monthly drop in home prices

2019-nCoV Special
Source: yeeyi.com
[Economic News]     03 Jul 2020
The value of independent houses and apartments fell 1.1% in June and 2.3% in the past three months, so the city is considered the worst performing capital during the epidemic. The CoreLogic Hedonic house value index shows that the median price of Melbourne's house fell to A $683,529 in June from its record high earlier this year.
Repeated outbreaks, Melbourne's biggest monthly drop in home prices

The value of independent houses and apartments fell 1.1% in June and 2.3% in the past three months, so the city is considered the worst performing capital during the epidemic.

The CoreLogic Hedonic house value index shows that the median price of Melbourne`s house fell to A $683,529 in June from its record high earlier this year.

Tim Lawless, head of CoreLogic research, said that since the last economic downturn in January 2019, Melbourne house prices have not seen a greater monthly decline than the past month.

"It looks like the downturn is accelerating and prices in Melbourne have been falling for three months in a row ," Mr. Lawless said. "

"The situation is complicated by the possibility of a relapse in Victoria, which will dampen consumer sentiment. This means less trading activity and fewer buyers. "

At worst, prices may fall by 10% this year, Mr. Lawless said. At present, the decline is modest. House prices are supported by government stimulus measures and a bank moratorium. At the end of this year, the biggest test for the housing market will be when these enabling policies are government removed. "

CoreLogic data also showed that Malvern East was the worst in April and May, with house prices falling by 4.8 per cent. Glen Iris,Northcote,Port Melbourne and Brunswick East are also underperforming.

Repeated outbreaks, Melbourne's biggest monthly drop in home prices

Another reason prices could continue to fall is Melbourne`s recent ban on auction and public viewing in 36 districts.

The director of the Wakelin real estate consultant, Jarrod McCabe, said the area where the auction and viewing stops will "go dormant ", but prices should remain relatively stable. The direction of prices will depend on the speed of epidemic control.

"I think if authorities can prove they can control the epidemic in the next week or two, then confidence will rebound quickly, which could lay the groundwork for a relatively healthy spring real estate market ," he said. "

"But if the health situation deteriorates and the citywide blockade will occur in the next few days or weeks, I do not think that real estate market will continue to decline. Buyers will inevitably walk away and property prices will weaken in the coming months. "lt": "web analytics","title": ""}

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