Sydney and Melbourne house values tumbled through July with warnings the reduction of government and private bank support through the final three months of the year could weaken the property market even further.
Melbourne house values dropped by 1.4 per cent in July to be down by 3.8 per cent over the past quarter. Melbourne's housing market has taken the biggest hit of any capital city in the county over the past three months.Despite the fall, Melbourne house values are still 8.9 per cent higher than a year ago.
But two cities, Adelaide and Canberra defied the national trend to see value increases for houses through July. Assisting the the market has been a drop in advertised properties which fell 4.3 per cent through July to be 15.2 per cent lower over the past year.Mr Lawless said federal and state government support programs, particularly those aimed at first time buyers, had helped the market.
"Similarly, the recent concerns of a second wave of the virus and the potential for renewed border closures and stricter social distancing polices are likely to further push consumer sentiment down. This is likely to weigh on both home buying and selling activity more broadly."
swrighteconomy The journo that wrote this needs lose his job. Needs to be accountability on reckless dribble.
swrighteconomy Good news. State government use stamp duty to finance environmentally damaging projects like road tunnels. Councils happily participate in this monopoly game by leniently approving DAs of oversized mansions in new subdivisions. Higher rate revenue used to plan more crazy projects
swrighteconomy People’s health and lives are at stake. My property value is the least of my concern at the moment.
swrighteconomy This is part of the plan, COVID is merely the excuse the ruling class are using to collapse the world financial system. It's a ponzi scheme and was always going to burst, but they want people to think it was because of a virus that kills the elderly and already sick.
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