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Australia House Prices Fall as Shutdowns Hit Property Market

  • Capital city property values drop 0.5% in May, CoreLogic says
  • Sales pick up from April, but remain below long-term average
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Photographer: Brent Lewin/Bloomberg

Australian home prices fell in May for the first time in almost a year as the impact of the coronavirus shutdown rumbles through the economy.

Property values across the state and territory capitals fell 0.5% last month, the first decline since June 2019, according to CoreLogic Inc. data released Monday. Amongst the biggest falls were Melbourne, where prices dropped 0.9%, and Perth, which was down 0.6%.