Melbourne property values regain COVID loss and surpass previous record: Tim Lawless
OPINION
Melbourne dwelling values have surpassed their earlier April 2020 peak by 0.2%, according to CoreLogic’s daily hedonic home value index.
Tim Lawless, CoreLogic’s Executive Research Director, says it had only been a matter of time before the recent strong capital gains in housing values led Australia’s second largest city to move to new record highs.
“Reflecting what we saw in Sydney earlier this month, Melbourne dwelling values have now surpassed their previous peak to notch up a new record high. Following a decline of -6.1% through COVID-19, values have since grown by 6.7%, and are now sitting 0.2% above their recent high recorded by CoreLogic’s hedonic daily home value index on 6 April 2020.”
This brings Melbourne’s dwelling values to 13.8% above their recent low in mid-2019, and the median value for all dwellings to $736,478.
