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 number of residential property transactions fell substantially in the eight capital cities during the June quarter 2020, due to the effects of COVID-19 on the property market," Mr Tomadini said.In Sydney, house prices fell 2.6 per cent, while apartment prices fell 1.4 per cent. In Melbourne house prices dropped 2.8 per cent compared to a 1 per cent decline in apartment values.

Source: News Formal (newsformal.com)

Mostly apartments, not stand alone houses or town houses. Might finally stop over development of suburbs with inappropriate high rises.

2% = tumbled Is the work experience kid writing your posts again! I thought you stopped that.

I'm betting when your readership falls by 2% you don't describe it as 'tumbled'.

Now that Dan's restrictions have decimated the property prices he will be able to sell off Victoria to his China communist mates since ScoMo burst his belt and road rort

Oh that's terrible ... for china

Tumbled..2% seriously. Prices outside of Melbourne are sky rocketing in regional centres. In my area, houses could be up for sale for months, years..they are gone within days or weeks atm

Boo hooooo

Tumbled? Take a breath. You’d think journalists would be able to find a more appropriate term.

Good

Only another 28% to go until its priced reasonably.😅

Tumbled 2%! Gee willikins! Now affordable!

Psst - 2% is literally not tumbling, it would be within the margin of error for the method used to compile house prices.

The negative gearers are shiting themselves

They'll fall 20% by middle of next year

Because there's less immigration.

Tumbled? Really? Melbourne property prices fluctuate that much in a month usually.

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