Property prices

REVEALED: The upmarket areas where property prices have plunged 10%

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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