The Melbourne housing market recorded a 0.6% fall in housing values in April taking the annual rate of decline into double-digit territory for the first time in the history of our index, which commenced in 1980.
CoreLogic has released their newest housing market update for May 2019.
Although dwelling values are continuing to trend lower, the 0.6% fall in April was the smallest monthly decline since June last year, highlight an easing in the pace of value falls during 2019.
The local unit market has recorded much smaller falls relative to detached housing, with unit values down 4.1% over the past year compared with a 12.6% drop in house values.
The underperformance of detached housing is likely related to the more expensive pricing relative to units, especially considering the surge in first home buyer numbers who are generally price sensitive.