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House prices set for pre-COVID highs in early 2021
National house prices are on track to be back to pre-COVID levels by early 2021, new research has revealed.
House prices set for pre-COVID highs in early 2021
National house prices are on track to be back to pre-COVID levels by early 2021, new research has revealed.
Stats released by CoreLogic show house prices have grown 0.8 per cent in November following a 2.1 per cent reduction in prices nationally between April and September.
According to CoreLogic’s head of research, Tim Lawless, if the current growth trend persists, we are likely to see CoreLogic’s national home value index surpass pre-COVID levels in early 2021.
“The national home value index is still seven-tenths of a per cent below the level recorded in March, but if housing values continue to rise at the current pace, we could see a recovery from the COVID downturn as early as January or February next year. The recovery in Melbourne, where home values remain 5 per cent below their recent peak, will take longer.”
Although housing values look set to surpass their pre-COVID highs early next year, both Sydney and Melbourne home values remain at levels similar to those seen in early 2017.
While rising, Perth values are similar to mid-2006 levels, while Darwin values are in line with 2007 levels. At the other end of the spectrum, housing values moved to new record highs in Brisbane, Adelaide, Hobart and Canberra through November.
Houses rise, while units fall
CoreLogic’s stats have shown that the strength in the housing market has not translated into strong growth for apartments.
House values have driven gains in the combined capitals index over the past three months, rising 1.1 per cent. While the rate of decline has eased, capital city unit values fell by -0.6 per cent over the same period.
“This trend towards stronger conditions in detached housing markets is evident across most of the capital cities. Relative weakness in the unit market can be attributed to factors including low investment activity, higher supply levels in some regions and weaker rental market conditions across key inner-city unit precincts,” Mr Lawless said.
Melbourne’s unit market is the exception, where unit values have recorded a smaller than expected decline throughout the COVID period to date and a more substantial recovery trend over recent months.
Regional Australia continues to perform
The regional property market continued its strong growth over November, doubling the rate of growth of the combined capitals.
Regional home values were up 1.4 per cent in November compared with a 0.7 per cent rise in capital cities.
Regional Queensland being the strongest performer growing by 3.2 per cent, while regional NSW values grew by 3.1 per cent.
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