The property market rose 0.4% in Melbourne and 1.1% in Sydney for the Month of March. This is the combined total dwelling data combining both Houses and Apartments. In Melbourne the median House price has increased 12.5 % over the last 12 months, with increases in all state capitals except Hobart leaving most capitals at record property price levels. I do not believe there will be a sharp fall in property prices, however what I am observing is stock is drying up and there are going to be fewer transactions over the next 3 months with Government support providing a buffer for at least the next 6 months.
Property has performed well in uncertain times before with 10% unemployment in the early 1980’s there was still median house price growth as there was during the technology dot com bust in 2000 and Asian Financial crisis in the 1990s. With low interest rates, unprecedented Government stimulus and dwindling new construction and housing supply, I expect property markets to rebound quickly in late 2020 and early 2021
Australia’s Property Prices March 2020*
|Capital City:||Monthly Change:||Median Value:|
|Sydney||+ 1.1 %||$882,849|
|Melbourne||+ 0.4 %||$695,299|
|Brisbane||+ 0.6 %||$506,553|
|Adelaide||+ 0.3 %||$437,296|
|Perth||+ 0.5 %||$445,614|
|Hobart||– 0.2 %||$483,032|
|Darwin||+ 2.0 %||$392, 348|
|Canberra||+ 0.6 %||$626,932|
|National||+ 0.7 %||$554,229|
*CoreLogic Hedonic Home Value Index
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