PHOTO: ANZ expects Melbourne dwelling prices to fall 15 per cent by next year. Picture: Jeremy Piper Source: News Corp Australia
The crippling second wave of COVID-19 has left Melbourne facing a 15 per cent fall in home prices by next year, according to a major bank.
This was the largest peak-to-trough decline ANZ predicted for an Australian capital, ahead of Sydney (-13 per cent), Darwin (-9 per cent), Hobart (-8 per cent) and Brisbane (-6 per cent).
The big bank found Melbourne house and unit prices had already shed 2.2 per cent between March and July — even before tough stage four restrictions all but shut down the property market.
COVID-19 hasn’t been kind to the Melbourne property market. Picture: NCA NewsWire / Andrew HenshawSource:News Corp Australia
But it labelled this decrease “slightly more modest than we expected”, with government support payments like JobKeeper, superannuation withdrawals and deferred mortgage repayments helping keep the market afloat for now.
Melbourne’s inner-ring rental market had been hit hardest by the pandemic, with asking rents plunging 22.2 per cent in the CBD and 12.7 per cent in Southbank as new listings simultaneously soared 111 per cent and 130.6 per cent respectively.
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