Melbourne’s property prices are crashing

Melbourne dwelling values are falling fast, according to CoreLogic’s daily index.

We are only half way through July and Melbourne values have already fallen by 0.67%:

On a quarterly basis, Melbourne dwelling values have fallen by 3.0%, double Sydney’s decline:

And since peaking on 6 April, Melbourne dwelling values have fallen by 3.2%, almost double Sydney’s fall:

The outlook for Melbourne property is obviously poor, given the second lockdown and the city’s extreme reliance on immigration, which has collapsed.