Sydney and Melbourne house prices feel brunt of coronavirus downturn

Australia's biggest property markets felt the brunt of the downturn from the coronavirus pandemic with Sydney and Melbourne property prices falling more than 2 per cent over the June quarter.

The bureau reported the total value of the nation's housing stock dropped by $98.2 billion to $7.1 billion during the quarter. It is now back to where it was in the September quarter of 2019. Minutes from the Reserve Bank board's September meeting showed members discussed the events playing out in the national property market.

SQM Research data released on Monday found the vacancy rate in Melbourne increased to 3.4 per cent in August, up from 3.1 per cent the month before, with an extra 2145 homes sitting empty during stage four lockdowns in the city.

Source: News Formal (newsformal.com)

JennieDuke swrighteconomy Do you even proofread your articles? “... the total value of the nation's housing stock dropped by $98.2 billion to $7.1 billion during the quarter”

JennieDuke swrighteconomy They have been kept artificially high by real estate bastards for years. About time the prices fell. Prices really have to go back to 1990's prices.

JennieDuke swrighteconomy This is so surprising. I expected it to be the reverse. Who is buying apartments?

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