House prices in Australia fell in May showing the first monthly drop in property values since June 2019. CoreLogic data shows that-
- House prices fell by 0.6% in May 2020 while in Melbourne they fell by 1.1%.
- Value of units were down by 0.1% in Sydney and 0.6% in Melbourne.
- Nationally, Dwelling values were down by 0.4% but they lifted in Canberra and Hobart
The drop in the housing prices comes as an effect of the spread of coronavirus on buyers and sellers.