Melbourne’s housing market has recorded seven consecutive months of decline, with the market down a further 0.2% in October, taking values 0.8% lower over the rolling quarter, to be down 1.9% over the past 12 months.
The unit sector has been more resilient to the downturn, but not immune. Values across the unit sector have fallen by 0.6% over the past three months, while house values were down a larger 1%.
We’ve also seen weaker conditions across the more expensive sector of the market, with upper quartile values down 1.2% over the past three months, while lower quartile values have fallen by a smaller 0.3%.
Melbourne house prices graph
Source: CoreLogic
Rental yields have levelled out, with house rents nudging only 0.1% higher over the past three months, while unit rents have slipped 0.4% lower.
You may also want to read: National Housing Market Update
