Melbourne house values were up 1.5% in June, slightly below the combined capital city average of 1.9%.
However, the financial year growth rate at 7.7% was the lowest of any capital city and well below the combined capitals’ average of 13.5%.
House values have been rising at a faster pace than units, ending the financial year 8.9% higher compared with the 4.7% lift in unit values.
The softer performance across Melbourne over the year could only partly be attributed to the extended lockdown which ended in October last year.
Housing values did fall through this period, but growth in housing values over the first six months of 2021, at 9.7% has also been below average.
The softest trajectory can probably be attributed to a variety of factors, including Melbourne’s larger exposure to stalled overseas migration and an outlaw of residents to other states and regional areas of the state.
You may also want to read:
National Housing Market Update [Video]
Perth Housing Market Update [Video]
Adelaide Housing Market Update [Video]
from Property UpdateProperty Update https://propertyupdate.com.au/melbourne-housing-market-update-video/
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