Theresa Worrell: Melbourne Housing Market Update [video]

Melbourne home values were down 0.3% in April; the first month on month fall since May last year.

CoreLogic has released their newest housing market update for May 2020.

The monthly fall comes after a strong rebound in housing values since June last year which saw Melbourne dwelling values reach a new record high in February.

Melbourne has relatively high exposure to overseas migration which is likely to be one of the factors behind Melbourne’s weakness, along with the policies restricting on-site auctions and open homes.

Melbourne rental rates were also down over the month, falling by half a percent.

Rental markets are likely to experience weaker conditions relative to home values due to higher supply of rental properties, and less demand.