Melbourne house values plunge as typical home loses $5000 in one month

The Melbourne housing market has lost $160 a day in July in a warning sign for newly elected Victorian Premier Ben Carroll. Melbourne’s typical house value lost more than $160 a day as it sank to $971,000 in July, a fifth-straight monthly decline for the city that still hosted a $1m median in April. It is the worst performing capital in the country on an annual basis, with a 3.6 per cent fall from a year ago equating to a more than $36,000 home price hit. And with concerns vendors are now too afraid to list their home as a result of the falls, leading to fewer sales, there’s also concerns about a stamp duty hit that could turn into a housing market hand grenade for new premier Ben Carroll. RELATED: Melbourne housing market worst in a decade: 93% of suburbs fall Shocking auction day reality for Melb sellers revealed New Vic Premier Ben Carroll’s housing warning PropTrack’s latest Home Price Index found the median house price fell $5000 (0.5 per cent) in July across Melbourne. But while every other capital, except Darwin, also recorded a reduction in the same month, only Melbourne and Sydney’s median house prices are in the red over the past year — with Perth’s still up a whopping $1...