Despite the fall, house values in Sydney are still up by 4.2 per cent this year and by 1.6 per cent in Melbourne. Over the past 12 months, Melbourne values are still 12.2 per cent in front.
CoreLogic's head of research Tim Lawless said given the headwinds from the pandemic shutdown, the national drop of 0.5 per cent showed the overall property market had performed relatively well.
"In the absence of these policies, housing values could come under some additional downwards pressure if economic conditions haven't picked up towards the end of the year."
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