Melbourne housing

Melbourne’s median property price plummets by $30000 during COVID-19

PHOTO: Melbourne

The median Melbourne homeowner has lost almost $30,000 of value from their property during the COVID-19 pandemic, new data has revealed.
Property research firm CoreLogic today released their Home Value Index for August, noting that during the COVID-19 period Melbourne’s median dwelling value had fallen 4.6 per cent.
At the end of April – at the precipice of house prices beginning to tumble – the median value for a Melbourne property (including both houses and units) was $695,761.
Melbourne properties have been hardest hit by the pandemic, dropping 4.6 per cent in value over the course of restrictions. (9News)
The drop from this total now brings Melbourne’s Median Dwelling Value for August to $667,520, marking a drop of more than $28,000.
That means from April 30 to August 31, the median property price in Melbourne lost around $230 per day.
While Melbourne’s property prices suffered the greatest, on a national level Australia’s property prices have been largely shielded by the wide-ranging implications of COVID-19 restrictions.
READ MORE VIA 9 NEWS