{"id":25530,"date":"2020-06-02T09:18:53","date_gmt":"2020-06-01T21:18:53","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25530"},"modified":"2020-06-02T09:18:53","modified_gmt":"2020-06-01T21:18:53","slug":"australia-house-prices-fall-as-shutdowns-hit-property-market","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australia-house-prices-fall-as-shutdowns-hit-property-market\/","title":{"rendered":"Australia House Prices Fall as Shutdowns Hit Property Market"},"content":{"rendered":"<p><strong>PHOTO: Sydney, Australia<\/strong><\/p>\n<ul class=\"abstract-v2\">\n<li class=\"abstract-v2__item\">\n<div class=\"abstract-v2__item-text\"><strong>Capital city property values drop 0.5% in May, CoreLogic says<\/strong><\/div>\n<\/li>\n<li class=\"abstract-v2__item\"><strong>Sales pick up from April, but remain below long-term average<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.propertynoise.co.nz\/where-you-can-buy-a-house-for-under-100k-in-australia\/\">Australian home prices<\/a> fell in May for the first time in almost a year as the impact of the coronavirus shutdown rumbles through the economy.<\/p>\n<p>Property values across the state and territory capitals fell 0.5% last month, the first decline since June 2019, according to CoreLogic Inc. data released Monday. Amongst the biggest falls were Melbourne, where prices dropped 0.9%, and Perth, which was down 0.6%.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/coronavirus-impact-on-property-market-uncertain-according-to-industry-experts\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image\" src=\"https:\/\/i1.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/06\/Values-may-be-falling.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Gary Brinkworth\" width=\"460\" height=\"270\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/coronavirus-impact-on-property-market-uncertain-according-to-industry-experts\/\" rel=\"bookmark\">Coronavirus impact on property market uncertain, according to industry experts<\/a><\/h2>\n<\/header>\n<\/div>\n<p>While the relatively mild declines during the height of the lockdown will raise hopes the hit to the housing market may be less than initially feared, the real test will come later this year when assistance packages are scaled back. Currently, almost 430,000 borrowers are on six-month payment holidays and around 2.9 million workers are receiving government wage subsidies.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/www.propertynoise.co.nz\/prime-minister-jacinda-ardern-is-pushing-the-nz-economy-off-a-cliff\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb entry-content-featured-img entry-grid-featured-img wp-post-image jetpack-lazy-image jetpack-lazy-image--handled\" src=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2019\/05\/Prime-Minister-Jacinda-Ardern.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Members of Parliament\" width=\"460\" height=\"270\" data-attachment-id=\"57049\" data-permalink=\"https:\/\/www.propertynoise.co.nz\/the-number-of-properties-owned-by-mps-revealed\/prime-minister-jacinda-ardern-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2019\/05\/Prime-Minister-Jacinda-Ardern.jpg?fit=700%2C467&amp;ssl=1\" data-orig-size=\"700,467\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Prime Minister Jacinda Ardern\" data-image-description=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2019\/05\/Prime-Minister-Jacinda-Ardern.jpg?fit=300%2C200&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2019\/05\/Prime-Minister-Jacinda-Ardern.jpg?fit=700%2C467&amp;ssl=1\" data-lazy-loaded=\"1\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/www.propertynoise.co.nz\/prime-minister-jacinda-ardern-is-pushing-the-nz-economy-off-a-cliff\/\" rel=\"bookmark\">Prime Minister Jacinda Ardern is \u201cpushing the NZ economy off a cliff\u201d<\/a><\/h2>\n<\/header>\n<\/div>\n<p>\u201cEventually government stimulus will wind back and borrower repayment holidays will expire,\u201d said Tim Lawless, head of research at CoreLogic. \u201cIn the absence of these policies, housing values could come under some additional downwards pressure if economic conditions haven\u2019t picked up\u00a0<span id=\"03e0c3ba-a39a-11ea-b310-308d99724420\">towards<\/span>\u00a0the end of the year.\u201d<\/p>\n<p>Activity picked up in May after the property market came to a near standstill in April, when housing inspections and public auctions were banned as part of social-distancing measures. Even so, sales volumes and listings remain below historical averages.<\/p>\n<p>The government is planning to announce a fresh stimulus plan for the building industry, which employs about 10% of the nation\u2019s workforce, according to newspaper\u00a0reports. Buyers of newly-constructed homes could get grants of at least A$20,000 ($13,300), the Australian Financial Review said. Direct cash grants for home renovations are also under consideration, the Australian newspaper said.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-01\/australia-house-prices-fall-as-shutdowns-hit-property-market\">BLOOMBERG<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout no-grav\">\n<li><a class=\"bump-view\" title=\"Property D-Day: The date thousands of Australians could be forced to sell their homes is revealed\" href=\"https:\/\/propertynoise.co.nz\/au\/property-d-day-the-date-thousands-of-australians-could-be-forced-to-sell-their-homes-is-revealed\/\" data-bump-view=\"tp\"><img decoding=\"async\" class=\"widgets-list-layout-blavatar lazyload\" data-src=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/05\/property-for-sale.jpg?fit=634%2C423&amp;ssl=1&amp;resize=40%2C40\" alt=\"Property D-Day: The date thousands of Australians could be forced to sell their homes is revealed\" width=\"40\" height=\"40\" data-pin-nopin=\"true\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 40px; 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