Melbourne dwelling values continued to trend lower in May, down 0.3% over the month to be 11.1% lower since peaking in November 2017.
CoreLogic has released their newest housing market update for June 2019.
Although values are still falling, this was the smallest month on month decline since March last year and continues a trend of diminishing declines that have been evident since February earlier this year.
Despite the ongoing falls, Melbourne dwelling values remain almost 24% higher than they were five years ago, highlighting that most homeowners still hold a substantial amount of equity in their homes.
While dwelling values trend lower, rental rates are rising, albeit relatively slowly.
Rents were only 1.5% higher over the past twelve months, however, with dwelling values down almost 10% over the year, gross rental yields risen sharply, up from 3.2% a year ago to 3.7% in May 2019.