Melbourne Property Values, Firm

Melbourne’s house prices have barely moved in the past three months, despite forecasts they would fall by up to 30%.

CoreLogic’s home value index shows that Australian capital city house prices in May were almost identical to where they were in March and April. Data published this week by SQM Research shows that the capital city average for May has seen a 0.5 % rise in house prices, with continuing small growth in Sydney, Melbourne, Brisbane, Perth and Adelaide.

Further to this, CoreLogic’s head of research, Tim Lawless, says house price falls may flow from forced sales if loan arrears spike after October, but right now distressed property sales are rare.

AMP Capital chief economist, Shane Oliver, says government and bank assistance packages have contained unemployment and helped household incomes.

“There will still be some hit to the property market as we go into October – not all the jobs that have been lost will come back,” says Oliver.

Repayment holidays and wages subsidies are set to end in late September.

It’s always wise to get advice for your circumstances and base your decisions on your financial situation. We only take on one new part-time property developers per week, if you’d like advice on your post-COVID strategy, why not schedule a Zoom meeting (initial consultations free until September!) to discuss your options.