Melbourne home values were 0.9% lower in May, following a slight fall in April, taking the cumulative drop in values across the city to 1.2% from the record highs set in March 2020.
CoreLogic has released their newest housing market update for June 2020.
Similar to Sydney, Melbourne`s weakest housing market conditions are confined to the most expensive quartile of the market where values were down 1.3% over the month and 2.1% lower over the past three months.
Although values are falling faster at the most expensive end of the market, this is also the sector that has shown the strongest growth trajectory over the past year, with values still 14% higher than they were a year ago compared to a 9% lift in values across the most affordable quartile.
Although values are still trending lower across Melbourne, the number of home sales was up 13.5% in May as listing numbers rose and homebuyers became more active.