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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 [1].

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.

To stay up-to-date on all things property investment make sure you join our Property Market Pulse Newsletter here.

Bradley Wearne - General Manager & Head of Research at Meridian Australia

P: (02) 9939 3249


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[1] CoreLogic

[2] ABS

[3] Sydney Morning Herald - New Home Builder Package

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Meridian Australia specialises in comprehensive residential property market research and analysis. Our meticulous approach to property investment is to guide our clients to make wise investment decisions.

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