House values in Melbourne fell by 4 per cent through the past quarter, and for the year so far are down by 2.5 per cent.
Melbourne house values fell by 1.4 per cent in August, dragging down the national property market with warnings the winding back of key federal government support measures could hit prices in coming weeks.
Unit values in the city dipped by 0.8 per cent to be 2.2 per cent down over the quarter and by 0.6 per cent since the start of the year.Sydney fared better but even there house values dipped by 0.5 per cent in August to be 2.4 per cent lower over the quarter. So far this year, they are still up by 1.7 per cent.
"It's not surprising to see Melbourne as the weakest housing market considering the extent of the virus outbreak, and subsequent restrictions, which have weakened the economic performance of Australia." "Regional markets may also be appealing for their relatively low density and lower price points," he said.
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