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Sydney and Melbourne house values tumbled through July with warnings the reduction of government and private bank support through the final three months of the year could weaken the property market even further.
CoreLogic on Monday reported that Sydney house values dropped by 1 per cent last month to be down 2.4 per cent over the quarter. Despite the drop, Sydney values are still up by 13.2 per cent over the past year.
Melbourne house values dropped by 1.4 per cent in July to be down by 3.8 per cent over the past quarter. Melbourne’s housing market has taken the biggest hit of any capital city in the county over the past three months. Melbourne house values are still 8.9 per cent higher than a year ago.
CoreLogic’s head of research, Tim Lawless, said federal and state government support programs, particularly those aimed at first time buyers, had helped the market through the pandemic. But with much support starting to fall from October, and mortgage repayment holidays likely to expire by March, the market deteriorate that could force more properties to sale.