Melbourne’s property market has taken another big hit during August, with price declines more than twice those seen in any other capital city around the country.
The nation’s second-largest city, which was in stage 4 coronavirus lockdown for basically the entire month, saw prices slump 1.2 per cent in August.
The Victorian capital’s prices are now down 4.6 per cent since the coronavirus pandemic hit in March.
In contrast, CoreLogic said the rate of decline reduced in Sydney (-0.5 per cent) and Brisbane (-0.1 per cent) last month.
Adelaide and Perth had flat prices, while Hobart (+0.1 per cent), Canberra (+0.5 per cent) and Darwin (+1 per cent) posted gains.
CoreLogic’s head of research Australia, Eliza Owen, said an unseasonal decrease in the number of properties coming to the market for sale was likely contributing to some of the price stabilisation outside of Melbourne.
“Over the month of August 2020, we’ve seen new listings volumes down about 12 per cent, or a decline of about 3,500 additional listings over the month,” she observed.
“This is a time of year, we’d usually see listings volumes increase in the ramp up to the spring selling season.
“The relatively tight levels of stock available on the market at the moment are maintaining some of that stability in the dwelling market prices as well.”
More to come.