Melbourne's property prices have been the hardest hit during the COVID-19 pandemic, dropping more than 2 per cent and $5500 in value on average.
New data from property research firm CoreLogic shows that as of June 30 this year, Melbourne's median value – which includes both apartments and homes – stood at $683,529.
Prior to the pandemic in January that figure stood at $689,088. For the quarter that represents a 2.3 per cent downswing in value, marking Melbourne as the biggest loss leader in the country.
Property values across Australia did not fare much better.
Each of the five largest capital cities recorded a decline in home values over the past month with just Hobart, Canberra and Darwin recording an increase in value throughout June.
In just 30 days, Sydney dropped 0.8 per cent, Melbourne plunged 1.1 per cent, Brisbane fell 0.4 per cent, Adelaide dropped 0.2 per cent and Perth also lost 1.1 per cent of value.
Sydney remains the most expensive market in the country with a median value of $875,749.
Conversely Darwin remains the cheapest market, with the median home selling for $387,914.
CoreLogic's Head of Research Tim Lawless said despite wide-ranging restrictions due to COVID-19, the fall in values has been relatively timid.
"The downwards pressure on home values has remained mild to-date, with capital city dwelling values falling a cumulative 1.3 per cent over the past two months," Mr Lawless said.
"A variety of factors have helped to protect home values from more significant declines, including persistently low advertised stock levels and significant government stimulus.
"Additionally, low interest rates and forbearance policies from lenders have helped to keep urgent sales off the market, providing further insulation to housing values."
Mr Lawless has warned property values may slide further once government economic lifelines like JobKeeper and banking initiatives like mortgage holidays end later this year.
"While it is encouraging to see lenders have recently hinted at an extension in their repayment leniency policies, the government stimulus will eventually taper and banks will require borrowers to repay their loans," Mr Lawless said.
"The longer term outlook for the housing market is largely dependent on how well the economy is tracking when these support measures are removed."