Home values fell nationally this month, for the first time since July last year.

CoreLogics estimate of capital city home values slipped into negative monthly change on May 6 and over the 28 days ending May 18, however, the annual change were still up by 10.1 per cent compared with the same time a year ago.
“Although values are trending lower, the declines to date appear to be modest, helped by the leniency policies from lenders, as well as low supply levels due to a sharp drop in new listings and active listings,” said Mr Lawless.
Momentum has also slowed in Brisbane, Adelaide and Perth but have generally remained in subtle positive growth territory over the past 28 days.
Brisbane was up by 0.06 per cent, Adelaide by 0.41 per cent and Perth by 0.01 per cent.
Mr Lawless said despite the relaxation in social distancing policies and improved sentiment, there were still plenty of downside risk especially if the virus curve started to trend higher and policies were re-tightened.
“A clear downside risk is attributable to high rates of unemployment and lower incomes, coupled with a fragile household sector and the potential for higher mortgage arrears after repayment holidays are over. Additionally, stalling migration will detract from housing demand,” he said.
“The key factor that will support a stabilisation in housing prices is a further lift in consumer sentiment, which would indicate both buyers and sellers are able to make high commitment decisions.
“This means improving or stabilising labour market conditions, the virus curve remaining flat and further easing of restrictions that are limiting economic activity and travel.”