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Melbourne Drives Australian House Prices Lower

  • Sydney falls at slower 0.5% pace, while other cities held up
  • Prices in Melbourne have declined 4.6% since onset of pandemic
A 'For Rent' sign stands outside a property in the suburb of Brooklyn in Melbourne, on Aug. 12.

A 'For Rent' sign stands outside a property in the suburb of Brooklyn in Melbourne, on Aug. 12.

Photographer: Carla Gottgens/Bloomberg

Australian house prices fell for a fourth consecutive month in August as a slump in the Melbourne market -- the center of a renewed Covid-19 outbreak -- weighed heavily on the national picture and expected higher unemployment continues to cloud the outlook.

Property values in major cities dropped 0.5% last month, CoreLogic data released Tuesday showed. Prices in Melbourne slumped 1.2%, with the city’s 5 million residents having endured around two months of lockdown conditions to contain the spread of the coronavirus. Through the course of the pandemic, Melbourne has fallen 4.6%.