Australian property market update.

Lot’s of property news and data over the last week.
The biggest stories concerned the Stage 4 Lockdown in Melbourne and how this would affect our property markets and the economy. Australian housing values racked up a third consecutive month of slight declines in July, with CoreLogic’s home value index dropping 0.6% over the month, a slight improvement from June when the national series was down 0.7%. This is nothing like results those scary headlines warned us of – prices falling 20% falls or more.

Across the capital cities, only Canberra (+0.6%) and Adelaide (+0.1%) posted a rise in dwelling values over the month, while Melbourne (-1.2%) and Sydney (-0.9%) led the decline, recording the largest month-on-month falls in July. Regional markets are generally showing more resilience to falling values.  Across the combined regional areas, housing values were unchanged in July compared with a 0.8% fall across the combined capital cities index. Great news for those who have invested with the Oaks Group in places like the Hunter, The Entrance and Salamander Bay