Prior to the coronavirus nightmare Melbourne’s median house price rose two per cent in the March quarter but is expected to start falling from this point.
House prices are unlikely to keep rising amid the weakening economy and rising unemployment.
In the March quarter Melbourne’s median house price reached $918,350 and its median apartment price was $554,000 in figures that would have avoided the impact of the pandemic.
“In the short term, it’s likely that we will see prices ease from these record highs,” research analyst Nicola Powell told Domain.
“We have to remember this is short-term – this is a government-imposed business shutdown.”
“Once that virus is contained, prices are likely to rebound.”
Forecasters such as Victorian Treasury and the Commonwealth Bank have tipped a drop in house prices of around 10 per cent.
House prices across capital cities March quarter
City Median house price
Sydney $1,168,806
Melbourne $918,350
Brisbane $584,778
Adelaide $542,418
Canberra $779,050
Perth $527,322
Hobart $514,097
Darwin $494,281
