The Melbourne housing market recorded a 1% fall in values over the month, taking the annual decline to -9.1% and total decline since the market peaked to -9.6%.
CoreLogic has released their newest housing market update for March 2019.
Values are generally trending lower across all of Melbourne’s sub-regions, however detached houses are showing weaker conditions relative to units, with values down 11.5% and 3.7% respectively over the past twelve months.
Similarly, higher valued properties are showing weaker conditions than affordable properties.
Values were down 13.1% over the past twelve month across the highest value quarter of the market while the lower quartile recorded a decline of just 2.1%.
The resilience at the lower end of the market can be explained by less challenging affordability constraints and a surge in first home buyers helping to support demand across lower priced dwellings.
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