The Melbourne housing market recorded a 3.4% reduction in dwelling values over the March quarter, taking the cumulative decline in dwelling values to 10.3%.
CoreLogic has released its newest housing market update for April 2019.
House values are down substantially more than unit values, recording a peak to current decline of 13.0%, while unit values are down only 4.0%.
The resilience across the unit sector, despite higher supply levels, probably comes back to a combination of affordability constraints in the market as well as more first home buyers supporting housing demand across the lower price points of the market.
With almost 36,000 properties being advertised for sale at the end of March, buyers remain in the driver’s seat.
The higher stock levels have seen the typical selling time extend from 28 days a year ago to 61 days over the March quarter.
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