Business
Sydney and Melbourne house prices feel brunt of coronavirus downturn – Sydney Morning Herald
Australia’s biggest property markets dropped more than 2 per cent in the June quarter as COVID-19 affected the market.
In Sydney, house prices fell 2.6 per cent, while apartment prices fell 1.4 per cent. In Melbourne house prices dropped 2.8 per cent compared to a 1 per cent decline in apartment values.
The bureau reported the total value of the nation’s housing stock dropped by $98.2 billion to $7.1 billion during the quarter. It is now back to where it was in the September quarter of 2019.
The mean price of a residence in NSW slipped by almost $20,000 to $871,800 while in Victoria the mean price dropped by $…
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