Australian Housing Values Continue to Fall With Biggest Decline in Melbourne

A woman walks past a real estate agent's window advertising houses for sale and auction in Melbourne on May 1, 2019. WILLIAM WEST/Getty Images

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.