By Stephen Johnson For Daily Mail Australia
Published: 07:06 BST, 1 September 2020 | Updated: 07:21 BST, 1 September 2020
Home owners could be forced to sell their houses this month if they can't service their mortgage repayments.
Six-month mortgage repayment holidays are ending in September while $1,500 a fortnight JobKeeper wage subsidies are being scaled back to $1,200 for full-time workers.
The unemployed on JobSeeker will also see their coronavirus supplement more than halved from $550 to $250.
Home owners could be forced to sell their houses this month if they can't service their mortgage repayments. Pictured is a Brisbane house
Financial comparison website Canstar group executive Steve Mickenbecker feared this cocktail of misfortune could force home owners to sell, even though the Reserve Bank of Australia this month left interest rates on hold at a record low of 0.25 per cent.
MELBOURNE: Down 1.4 per cent to $781,858
SYDNEY: Down 0.5 per cent to $985,723
BRISBANE: Flat at $557,969
ADELAIDE: Flat at $480,972
PERTH: Flat at $461,891
HOBART: Up 0.3 per cent to $517,877
DARWIN: Up 1.1 per cent to $476,143
CANBERRA: Up 0.5 per cent to $716,400
Source: CoreLogic Home Value Index of median house prices for August 2020
'September is the turning point for many homeowners and investors hoping to see the year out in better shape and avoid selling their property under duress,' he said.
'With JobKeeper and JobSeeker winding back from September and many mortgage holders nearing the end of repayment pauses with their banks, September will be a testing time.'
The news is particularly bad in Melbourne, with median house prices in August declining for the fifth month in a row as the city was placed into a strict, Stage 4 lockdown with an 8pm to 5am curfew.
Melbourne's mid-point values last month fell by 1.4 per cent to $781,888, CoreLogic data showed.
Prices in wealthier suburbs, however, fell by 1.9 per cent compared with 0.6 per cent in poorer areas of the Victorian capital.
In Sydney, median house prices fell by another 0.5 per cent to dive back below the psychological $1million mark for the first time since the COVID-19 pandemic began - sinking to $985,723.
House prices were flat in Brisbane, Adelaide and Perth.
They rose by 0.5 per cent in Canberra, 0.3 per cent in Hobart and by 1.1 per cent