Melbourne`s downturn accelerated in July, with dwelling values falling almost 1% over the month to be 1.8% lower over the past three months; the largest quartrly decline amongst the capitals and the most significant drop in values since January 2012.
Core Logic has released their newest housing market update for August 2018.
Since peaking in November last year, Melbourne house values are down 3.7%, while the unit values have been trending lower since April this year and are down only 1.1%.
There has been a material divergence in groeth rates between higher priced properties and the lower end of the market, with Melbourne`s top quartile values falling by 4.1% over the past twelve months while least expensive quarter of the market is up 7.5%.
The stronger growth conditions across the more affordable end of the market can be attributed to first home buyers propping up demand as well as borrowing capacity for more expensive properties being impacted by tighter debt to income ratios from lenders.
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