Why is Melbourne property leading the downswing?

The June CoreLogic index results show the Melbourne property market is the worst capital city performer since the onset of COVID-19. June marked the third consecutive month of value falls across the city. This sees values down -2.3% from the previous quarter, when the market hit a record high. 
 

The results may be surprising, particularly when considering that the Sydney growth rate, which often moves quite closely with Melbourne property, was less than half this rate in the…