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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including CoreLogic’s latest findings, which suggest national home values have increased at the fastest pace in over 30 years, and why he isn’t quite sure this is the case.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring travel stocks, the rising popularity of NFTs and what they are, as well as the sudden meltdown of Archegos Capital Management.

And lastly, tax and super guru Timothy Munro gives his thoughts on Paul Keating’s early release of super verdict, as well as an overview of life after JobKeeper.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Why is Melbourne property falling more than everywhere else?

By Cameron Micallef

July 07 2020
Share

Invest

Why is Melbourne property falling more than everywhere else?

By Cameron Micallef
July 07 2020

The fallout from COVID-19 has seen Melbourne property markets fall by 2.3 per cent, making it the worst-performing capital city, new research has shown.

Why is Melbourne property falling more than everywhere else?

By Cameron Micallef

July 07 2020
Share

The fallout from COVID-19 has seen Melbourne property markets fall by 2.3 per cent, making it the worst-performing capital city, new research has shown.

Numbers released in June by CoreLogic show that Melbourne has fallen by almost three times as much as Sydney.

“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 same period (at -0.8 per cent),” CoreLogic’s head of research, Eliza Owen, said.

“Data suggests that the Melbourne market has experienced a turn in its market before others. This was evident in the most recent upswing, where Sydney and Melbourne saw peak growth rates around November 2019, while other capital cities continued to see a more moderate but accelerating growth rate.”

Cyclically then, it is not unreasonable to see Melbourne values slip at a greater rate than other capital cities. CoreLogic also suggests that property markets where incomes are higher, households are more indebted and investor activity is high can be more sensitive to changes in the economy.

“High levels of investment are also evident in the Melbourne market, which may be contributing to volatility, though this is present in Sydney, too. ABS finance data shows investor lending has comprised an average 32.3 per cent of total mortgage lending across Victoria for the past five years,” Ms Owen said.

Melbourne property markets may be disproportionately affected by demand shocks in employment and migration, with government figures showing it was hit hardest.

The ABS payroll data shows that Victoria fell by 7.6 per cent, compared with the national average of 6.4 per cent, for the week ending 13 June.

Comparison wise, Sydney’s payroll data fell by 6.1 per cent.

The Melbourne housing market has been the most exposed to demand from net overseas migration. Over 2018-2019, Melbourne had the highest level of net overseas migration, at 77,369. This accounts for 38.2 per cent of net overseas migration to Australia, according to CoreLogic.

Finally, it is worth noting that in the coming months, a second spike in COVID-19 cases across Melbourne will be an added blow to the economy and housing market.

“The longer businesses and households are subject to social distancing, the greater the impact will be on the housing market,” Ms Owen concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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