CoreLogic’s latest Home Value Index shows that national median dwelling values declined by just 0.8% over the past three months.
However, below given were the recorded quarterly dwelling price increases, despite the predictions of many experts that house prices would collapse after Covid-19 struck.
- Hobart 1.0%
- Adelaide 0.7%
- Darwin 0.4%
- Canberra 0.7%
“Whilst COVID-19 hit us swiftly this year and threw the Australian economy and property markets into turmoil, things settled down within the property market quicker than initially thought,” real estate economist Dr Diaswati Mardiasmo says. Prices in most capital cities and regions remain higher than a year ago.
Compared to July 2019, house prices are higher in Melbourne (9%), Sydney (12%), Brisbane (4%), Adelaide (2%), Hobart (6%) and Canberra (7%). Tasmania (up 10%) led the growth in the regional areas, followed by Queensland (4.7%), New South Wales (4.5%) and Victoria (4.4%). Western Australia was the only state where regional house prices have fallen in the past year (-9%).
Regional Markets Grow Over 5 Months
In July 2020, five of the seven regional jurisdictions produced house price growth, compared to two of the eight capital city markets, according to the latest CoreLogic Home Value Index.
The data highlights the fact that we don’t have a single market in Australia. We have many different markets with different outcomes from one market to the next.
Looking at the longer-term patterns, some markets stand out for their consistency and strong resistance to the national economic forces.
Canberra has delivered some level of growth in each of the past five months. This tends to confirm the view that the national capital is the most Covid-proof city in the nation. Adelaide has also shown great consistency, with small rises in four of the past five months, including in July. Two of the regional markets, South Australia and Tasmania, have delivered price growth in all of the past five months. And two others – NSW and Queensland – have achieved growth in four of the past five months, including during July.