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VIC: Melbourne’s home values have been hard hit by Coronavirus

11Mo ago 0 Replies 168 Views
Melbourne’s property values are worst hit by coronavirus in the country.
A 0.9 per cent fall in house and unit values in May made the city the nation’s worst-performing capital for the second month in a row.

It comes off the back of the city’s median home value hitting a record high just prior to the pandemic

“I think the Melbourne market responding to greater exposure to drops in overseas migration, foreign student numbers and construction activity,” Mr Lawless said.
“This is probably playing out in Melbourne more than any other city.”

“In the next couple of months we’ll probably still see some further modest declines in housing values, but consumer sentiment is consistently improving,” Mr Lawless aid.

Melbourne’s more affluent areas including the inner south and inner suburbs were the hardest hit in May, with 1.4 per cent and 1.3 per cent home value falls respectively.
However they fell just 0.1 per cent in the outer west and 0.3 per cent on the city’s north west fringe last month.

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