CoreLogic’s latest home value index released Monday shows Australia’s residential property market declined for the first time since 2019, dropping 0.4 per cent in May to $557,818.
Tim Lawless is the head of research at the data and analytics company and he says within the current economic climate, it is a good result.
"The 0.4 per cent drop over the month, considering the uncertainty and the extent of the economic downturn we’re moving through at the moment, I think is a pretty resilient result for the housing market so far".
Five out of the eight capital cities suffered a drop, with Darwin recording the biggest decline of 1.6 per cent.
Melbourne was reportedly 0.9 per cent down, and modest falls were recorded across Sydney, Brisbane and Perth.
Values were slightly higher in Adelaide, Hobart and Canberra.
But there are still fears for a market downturn.
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