PHOTO: Property prices in upmarket suburbs of Melbourne plunged by close to 10 per cent in just nine months even as house values hit record highs across almost half of Australia. Pictured is a view from Kew in the Booroondara local government area where $1.419million is the median dwelling price
- Median house, apartment prices plunged by 9.7 per cent since March last year
- This occurred in the Boroondara council area in Melbourne’s pricey south-east
- Sydney’s upmarket north shore also saw major price falls in just nine months
- Property prices surged in outer suburbs of Adelaide and Perth and in Darwin
Property prices in upmarket suburbs of Melbourne plunged by up to 10 per cent in just nine months even as house values hit record highs across almost half of Australia.
Since the declaration of a Covid pandemic in March, regional areas and smaller capital cities like Brisbane, Adelaide, Hobart and Canberra have survived the recession, with house prices last month hitting record highs in 39 out of Australia’s 88 sub markets, CoreLogic data showed.
Sydney’s pricey north shore didn’t do so well.
Biggest losers during Covid by local council
Booroondara, Melbourne inner-east: down 9.7 per cent to $1.419million
Port Phillip, Melbourne south-east: down 8.2 per cent to $654,849
Manningham, Melbourne east: down 7.2 per cent to $1.137million
Knox, Melbourne east: down 7.1 per cent to $739,297
Whitehorse, Melbourne east: down 6.7 per cent to $961,105
Stonnington, Melbourne inner east: down 6.6 per cent to $731,473
Willoughby, Sydney lower north shore: down 6.3 per cent to $1.387million
Lane Cove, Sydney lower north shore: down 6.2 per cent to $1.055million
Yarra, Melbourne inner east: down 6.2 per cent to $789,514
Monash, Melbourne south-east: down 5.8 per cent to $944,977
Source: CoreLogic dwelling price movements between March and December 2020
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