Colin Brinsden, AAP Economics and Business Correspondent
(Australian Associated Press)
Australian home values have fallen for a fourth straight month, with Melbourne properties suffering the most during Victoria’s coronavirus lockdown.
The national CoreLogic home value index fell 0.4 per cent in August, but was still 5.8 per cent higher over the year.
While housing values have continued to trend lower from their pre-COVID-19 highs, on a national basis, the rate of decline has eased over the past two months and five of eight capital cities are now recording steady or rising values.
Melbourne house prices fell 1.2 per cent in August and Sydney values were down 0.5 per cent.
At the other end of the scale, Darwin prices rose 1.0 per cent and in Canberra they were up 0.5 per cent.
“The performance of housing markets are intrinsically linked with the extent of social distancing policies and border closures which also have a direct effect on labour market conditions and sentiment,” CoreLogic head of research Tim Lawless said on Tuesday.
“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 Victoria.”
CORELOGIC HOME VALUE INDEX FOR AUGUST
National – minus 0.4 per cent
Sydney – minus 0.5 per cent
Melbourne – minus 1.2 per cent
Brisbane – minus 0.1 per cent
Adelaide – unchanged
Perth – unchanged
Hobart – up 0.1 per cent
Darwin – up 1.0 per cent
Canberra – up 0.5 per cent
Combined Regional – unchanged