Melbourne house prices are expected to continue to fall until 2022, with a median value of 1.4 percent
House prices in Melbourne will drop to APRIL and will not recover for TWO YEARS … nor are Australia’s other capitals safe
- Economists in Finder survey predict two-year house price falls in Melbourne
- Melbourne’s median house price fell 1.4 percent in July – the fourth in a row
- Sydney’s equivalent values fell by one percent – the third consecutive month
House prices in Melbourne are expected to continue to fall for another two years – as an escalation of the corona virus crisis leads to further erosion of values in Australia’s major cities.
Nearly a third or seven of the 24 economists surveyed by the financial comparison website Finder predicted real estate prices in the Victorian capital would not recover until 2022.
Three-quarters or 18 of the 24 economists predicted prices in Melbourne would continue to fall until at least April 2021.
House prices in Melbourne are expected to continue to fall for another two years with an escalation of the corona virus crisis, causing values to fall in Australia’s major cities. Nearly a third, or seven, of the 24 economists questioned by financial comparison, predicted that real estate prices in the Victorian capital wouldn’t recover until 2022, according to Finder. Pictured is Flinders Street Station on August 2 as a new curfew was introduced to curb the corona virus.
Finder Insights manager Graham Cooke said the volatility of COVID-19 depressed real estate values as rising unemployment killed a recovery that started a year ago.
“It is clear that there is a lot of uncertainty in the market about prices in the near future,” he said.
Melbourne’s median home price fell 1.4 percent in July – marking the fourth consecutive month of decline, CoreLogic data showed.
Sydney’s median home price fell by one percent last month, putting it just $ 2,107 above its $ 1 million psychological mark, while prices fell for the third month in a row.
Tim Lawless, chief research officer for CoreLogic, said more expensive suburbs in Sydney and Melbourne were hit harder as the COVID-19 crisis worsened.
“Higher value markets tend to respond more quickly to changes in the economic environment, which has caused both the upswing and downturn of the previous cycle,” he said.
Brisbane’s median house prices fell 0.3 percent and declined for the second consecutive month, as Perth’s equivalent values fell 0.6 percent – the third month of decline.
Hobart, the best-performing housing market in Australia until last year, fell 0.4 percent last month.
Contrary to the trend, Canberra’s median house price rose 0.7 percent, while Adelaide’s house price rose 0.1 percent.
Sydney’s median home price fell by one percent last month, putting it just $ 2,107 above its $ 1 million psychological mark, while prices fell for the third month in a row. Depicted is Bondi Beach