{"id":25539,"date":"2020-06-02T11:34:46","date_gmt":"2020-06-01T23:34:46","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25539"},"modified":"2020-06-02T11:34:46","modified_gmt":"2020-06-01T23:34:46","slug":"house-prices-edge-lower-in-may-but-real-test-will-come-after-september-analysts-say","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/house-prices-edge-lower-in-may-but-real-test-will-come-after-september-analysts-say\/","title":{"rendered":"House prices edge lower in May but &#8216;real test&#8217; will come after September, analysts say"},"content":{"rendered":"<p><strong>PHOTO: Capital city house prices declined nationally in May, but only by 0.5 per cent.<cite class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _27aqo\" data-component=\"Figure__cite\">(ABC News: James Carmody)<\/cite><\/strong><\/p>\n<p class=\"_1SzQc\"><a href=\"https:\/\/www.propertynoise.co.nz\/australia-house-prices-fall-as-shutdowns-hit-property-market\/\">Australian house prices<\/a> are so far holding up amidst the economic downturn caused by coronavirus, but analysts warn the real test will come once bank mortgage holidays end later this year.<\/p>\n<section class=\"_2ybzm Es5LH _1LbdU _1bAUU q-cWK\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\">\n<h2 class=\"zT1nT _4Zpdk SelAj _1t9H3 _2-MxD lxkD- mSYxO age8P\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"_3Crv1\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">CoreLogic&#8217;s index showed a 0.4pc fall in national home prices over May<\/li>\n<li class=\"\" data-component=\"ListItem\">Melbourne had the steepest monthly decline, with a 0.9pc slide<\/li>\n<li class=\"\" data-component=\"ListItem\">CoreLogic Australia&#8217;s head of research Eliza Owen warns that end of bank mortgage repayment holidays may see bigger falls in spring<\/li>\n<\/ul>\n<\/section>\n<p class=\"_1SzQc\">CoreLogic&#8217;s monthly index shows, nationally, prices fell an average of 0.4 per cent, but there was a significant variation across regions.<\/p>\n<p class=\"_1SzQc\">&#8220;There are different fundamentals around the nature of employment and how dependent those markets are on international migration,&#8221; CoreLogic Australia&#8217;s head of research Eliza Owen told ABC News.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/www.propertynoise.co.nz\/inside-shane-warnes-7-4million-mansion\/\"><img fetchpriority=\"high\" 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\/2020\/06\/Shane-Warne.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Shane Warne\" width=\"460\" height=\"270\" data-attachment-id=\"72184\" data-permalink=\"https:\/\/www.propertynoise.co.nz\/inside-shane-warnes-7-4million-mansion\/shane-warne-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/06\/Shane-Warne.jpg?fit=800%2C450&amp;ssl=1\" data-orig-size=\"800,450\" 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=\"Shane Warne\" data-image-description=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/06\/Shane-Warne.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/06\/Shane-Warne.jpg?fit=800%2C450&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\/inside-shane-warnes-7-4million-mansion\/\" rel=\"bookmark\">Inside Shane Warne\u2019s $7.4million mansion<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"_1SzQc\">&#8220;Melbourne, for example, is so far leading declines with property values down by 0.9 per cent over the month.<\/p>\n<p class=\"_1SzQc\">&#8220;We&#8217;re also seeing differentials between the metropolitan areas and regional Australia, where the combined capitals saw value declines of 0.5 per cent over the month while the combined regional areas held steady.&#8221;<\/p>\n<p class=\"_1SzQc\">Darwin was the weakest capital city, despite being the first to substantially lift coronavirus-related social distancing restrictions, with prices down 1.6 per cent last month.<\/p>\n<p class=\"_1SzQc\">Hobart had the strongest monthly price gains of 0.8 per cent, despite seeing one of the steepest falls in rents over the past two months.<\/p>\n<figure id=\"12307658\" class=\"_3M2Ue _1LbdU _1bAUU _2RJ9c\" role=\"group\" aria-labelledby=\"dls-id-935600\" data-component=\"Figure\">\n<div class=\"oNO9S\" data-component=\"IntersectionObserver\">\n<div class=\"JaEq6\"><img decoding=\"async\" class=\"_1z778 lazyload\" data-src=\"https:\/\/www.abc.net.au\/cm\/rimage\/12307658-3x2-xlarge.jpg?v=3\" data-sizes=\"100vw\" alt=\"Map of Australia showing home price changes in May 2020.\" data-component=\"Image\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/div>\n<\/div><figcaption id=\"dls-id-935600\" class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _1qYXN\" data-component=\"Figure__figcaption\"><strong>CoreLogic data on the home price changes for Australian capital cities in May 2020.<cite class=\"_3Jwd8 _20AiM _2v_Gr age8P _2Rt0o _27aqo\" data-component=\"Figure__cite\">(ABC News: Alistair Kroie)<\/cite><\/strong><\/figcaption><\/figure>\n<p class=\"_1SzQc\">CBA economist Kristina Clifton also observed a substantial difference between price moves at the top and bottom end of the property market.<\/p>\n<p class=\"_1SzQc\">&#8220;Prices are falling the most for the most expensive homes,&#8221; 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