Melbourne dwelling values have shown a slight rise over the past two months, up 0.2% in June and 0.3% higher in July.
CoreLogic has released their newest housing market update for August 2019.
The subtle rise in values comes after an 11.1% decline between the market peak and what seems to be the trough in May earlier this year.
Unit values have shown some resilience during the downturn, with values falling only 4.6% while house values are 14.1% below their peak.
Similarly, the rise in dwelling values across Melbourne has been for unit values, which are up 1.1% over the past three months, then for houses which remain 0.3% lower over the same period.
Similar to Sydney, the strength in the unit sector may come to a surprise considering the elevated supply levels, however, the large majority of the stock was sold when prices were generally higher.
We could see some downward pressure on high-rise unit values as a newly built stock enters the re-sale market.