In some suburbs, values are well below where they were when the country was first put into lockdown because rising interest rates have reduced buyers’ budgets
Suburbs where unit values are lower than when the pandemic hit include Kew East, Hawthorn East and Ascot Vale.Melbourne’s property price boom over the past couple of years was more subdued than other cities, leaving a smaller gap in values for suburbs to fall back to before hitting pre-Covid levels.Property values have fallen back to pre-pandemic levels in a string of Melbourne’s inner suburbs, new data shows.
In Kew East, unit values plummeted by 18.5 per cent between March 2020 and October this year, to a median value of $888,661, CoreLogic data shows. They also tumbled by 18.1 per cent in Hawthorn East, to $629,297.For houses, the biggest fall in value was in Windsor, down by 14.1 per cent since March 2020, to a median $1,542,251.
“So the fact we’re seeing more suburbs in Melbourne at these pre-COVID levels is not due to them falling much faster than other cities,” he said. “They’ve just had a smaller gap in values to fall back to.” “It’s a very price-sensitive market at that range - young professionals who are getting into the market, or stepping up from a unit are feeling it,” Beardsley said.
Though full-time property investors were holding back, some buyers were taking advantage of lower prices, she said.
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