With a renewed outbreak of COVID-19 cases in Melbourne and NSW, experts are expecting substantial property price falls
; though the risk to Melbourne prices is greater because of the city's return to a full, six-week lockdown.However, prices are still up by more than 10 per cent in the past year, figures from CoreLogic show.Nevertheless, average price changes can mask big differences in various property market sectors.
He expects home prices to fall by 5-10 per cent nationally, with price dips in Sydney and Melbourne at the top end of that range. "Melbourne, particularly, is at risk as its renewed lockdown pushes more businesses and households to the brink," he says., expect the COVID-19-induced recession to result in peak-to-trough price declines of 10-15 per cent.
Tim Lawless, Asia-Pacific research director at CoreLogic, says "stay at home" rules would likely mean the market is significantly disrupted again, after an improvement in sales numbers since Easter.
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