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Canberra is now Australia’s second most expensive real estate market, outpacing a Melbourne market that has been hit by reduced investor activity and extended COVID-19 closures.

New data from real estate research firm CoreLogic shows that Canberra now has a median value of $ 672,866, outperforming Melbourne, which sits at a nearby $ 672,172.

Sydney remains the most expensive housing market in the country with a median value of $ 860,967.

Canberra is now the second most expensive real estate market in the country. (Image: Elesa Kurtz)

They are followed by Brisbane ($ 515,267), Hobart ($ 505,683), Perth ($ 463,846) and Adelaide ($ 459,896).

Darwin is still the cheapest capital city to buy property, with a median value of $ 405,857.

Nationally, the median property value in Australia, which includes both units and detached houses, is now $ 565,474. It was up 0.8 percent in November.

An urbanization in Molonglo, in the ACT. (Image: Elesa Kurtz)

Property prices are now just a hair behind where they were before the pandemic.

“The national home value index is still seven tenths percent below the level recorded in March, but if home values ​​continue to rise at the current rate, we could see a recovery from the COVID recession in January or February next year, “said Tim Lawless, director of research at CoreLogic.

“Recovery in Melbourne, where home values ​​remain five percent below their recent peak, will take longer.”

Victorian property prices have been hit hard by low investment activity and border closures. (iStock)

Interestingly, while homes continued to rise strongly (1.1 percent in the last three months), units fell 0.6 percent during the same period.

Lawless theorizes that a slowdown in investment activity, as well as a weaker rental market due to the closure of international borders, are likely drivers of unit prices.

“This trend toward stronger conditions in the independent housing markets is evident in most capital cities,” Lawless said.

“The 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 in the downtown unit districts.”

This Hobart, Tasmania property is enjoying the city’s 3.1 percent growth in value over the past 12 months. (Domain)

AUSTRALIA PROPERTY PRICES NOVEMBER 2020

City:

Monthly change:

Madian value:

Sydney

+ 0.4 percent

$ 860,967

Melbourne

+ 0.7 percent

$ 672,172

Brisbane

+ 0.6 percent

$ 515,267

Adelaide

+ 1.3 percent

$ 459,896

Perth

+ 1.1 percent

$ 463,846

Hobart

+ 1.4 percent

$ 505,683

Darwin

+ 1.9 percent

$ 405,857

Canberra

+ 1.9 percent

$ 672,866

National

+ 0.8 percent

$ 565,474

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