Australian home prices have fallen for the third successive month, due to the economic impact of the COVID-19 pandemic

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PHOTO: Prices in regional areas, such as Bathurst, NSW, are holding up well. Source:Supplied

Australian home prices have fallen for the third successive month, due to the economic impact of the COVID-19 pandemic.

According to CoreLogic’s home value index, housing prices nationally dropped by 0.6 per cent in July. This followed a 0.7 per cent drop in June and a 0.4 per cent drop in May.

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Overall values have slipped 0.7 per cent since the pandemic began to bite in the middle of March. For that month values were up 0.7 per cent, followed by an increase of 0.3 per cent in March.

Canberra was one of the places to enjoy home value growth in July. Picture: Getty Images Source:Supplied

The figures indicate the resilience of the market, according to CoreLogic’s head of research Tim Lawless.

“The impact from COVID-19 on housing values has been orderly to-date, with CoreLogic’s national index falling only 1.6 per cent since the recent high in April and housing turnover has recovered quickly after it’s sharp fall in late March and April,” he said.