Property values fell by as much as 7.6 per cent across most of Hobsons Bay, according to independent revaluations undertaken to determine this year’s council rates.
Meanwhile, CoreLogic’s Home Value Index released last Wednesday show prices for all homes in Melbourne fell 0.8 per cent in June.
Hobsons Bay’s residential rates will decrease by an average of 0.48 per cent under the council’s draft annual budget.
January’s revaluation for each suburb showed the average residential property value fell by 7.61 per cent in Spotswood ($897,146 to $828,901), followed by 3.53 per cent in Seaholme ($1,013,419 to $977,624) and 3.27 per cent in Altona North ($722,541 to $698,892).
Altona dropped 1.56 per cent ($786,698 to $774,42), Altona Meadows .29 per cent ($589,424 to $587,694), Brooklyn 0.61 per cent ($604,585 $600,869), Newport 1.82 per cent ($959,655 to $942,148), Seabrook 1.89 per cent ($620,435 to $608,705), South Kingsville 2.64 per cent ($723,739 to $704,604) and Williamstown 1.7 per cent ($1,198,283 to $1,177,865).
Laverton showed a slight increase from $502,378 to $502,793 (0.08 per cent), as did Williamstown North rising from $738,793 to $738,850 (0.01 per cent).
Melbourne’s median house price fell 1.3 per cent to $802,551 while apartments dropped 0.7 per cent to $575,009 last month, according to CoreLogic.
CoreLogic head of research Tim Lawless said the housing market had faced a downturn since March.
“Prior to March 2020, Melbourne’s housing market was well into an upswing, following an 11 per cent drop in values between November 2017 and June 2019,” he said.
“June 2019 to March 2020 saw Melbourne housing values surge to a new record high, rising 13 per cent over this period.
“Since the March peak, housing values have dropped by 2.3 per cent, led by falls across the top quartile of the market where values are down 3.7 per cent over the June quarter, compared with the lower quartile where housing values have been more resilient, falling by half a percent over the same period.”