WHAT'S HAPPENING IN THE PROPERTY MARKET?
Is property plummeting?
Is growth expected?
How is the Government assisting the economy?
According to CoreLogic figures released early June 2020, residential property values fell across 5 of the 8 Australian capital cities in May .
Dropping 0.9% in Melbourne to a median of $686,798, 0.4% in Sydney to a median of $885,159 and 0.1% in Brisbane to a median of $508,386.
Values also dropped 0.6% in Perth to $443,669 and 1.6% in Darwin to $393,939, however, they were up in Adelaide, Canberra, and Hobart, which had the largest gain at 0.8%.
What does this mean for homeowners?
According to ABS Chief Economist Bruce Hockman, these results were in line with expectations.
Mr. Hockman states:
"The majority of restrictions relating to COVID-19 came into effect in late March and therefore did not have a noticeable impact on property prices in the March quarter 2020."
What Now For The Market?
Many Australian states continue to record low levels of new COVID-19 cases, indicating the national conversation has transitioned towards the economic recovery ahead.
As an attempt to significantly boost the economy, in early June the Australian Federal Government have introduced a $688 million HomeBuilder package.
The package offers eligible home buyers and renovators $25,000 to help boost the construction industry and stimulate activity in the housing market.
As Australia starts to re-open for business, it's anticipated that sentiment will improve, causing property values to respond accordingly.
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Bradley Wearne - General Manager & Head of Research at Meridian Australia
P: (02) 9939 3249
 Sydney Morning Herald - New Home Builder Package