Housing values have fallen for the third month in a row, and the biggest decline was in Melbourne which has been hit with second wave of COVID-19 infections.
The CoreLogic national home value index fell by 0.6 percent in July and the outlook for prices going into 2021 is not good as government support and mortgage debt holidays begin to taper off.
“Urgent sales are likely to become more common as we approach these milestones, which will test the market’s resilience,” CoreLogic head of research Tim Lawless said on August 3.
In July, house prices fell the most in Melbourne – by 1.2 percent which was almost double the national decline.
Sydney was down 0.9 percent, Perth 0.6 percent, Brisbane 0.4 percent, Darwin 0.3 percent and Hobart 0.2 percent.
The relative bright spots were Canberra and Adelaide, where prices rose 0.6 percent and 0.1 per cent.
Regional housing markets fared a bit better and housing values were mostly unchanged.