{"id":29904,"date":"2021-01-05T10:07:11","date_gmt":"2021-01-04T21:07:11","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=29904"},"modified":"2021-01-05T10:07:11","modified_gmt":"2021-01-04T21:07:11","slug":"aussie-house-prices-booming-despite-pandemic-bloodbath-predictions","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/aussie-house-prices-booming-despite-pandemic-bloodbath-predictions\/","title":{"rendered":"Aussie house prices booming despite pandemic bloodbath predictions"},"content":{"rendered":"

PHOTO: Property Market. FILE<\/strong><\/p>\n

Predictions of a COVID-19 property crash have been smashed despite extraordinary volatility in the market in a shock to doomsayers who forecast house values would be slashed.<\/p>\n

\n

CoreLogic\u2019s national home value index has found that Australian home values finished the year 3 per cent higher than the same time last year.<\/p>\n

That\u2019s despite doom and gloom predictions from the Commonwealth Bank<\/a> in March that property prices could tumble by up to 30 per cent.<\/p>\n

Much of the growth has emerged in regional areas, with first home buyers<\/a> taking advantage of new work from home arrangements to purchase a family home further away from the big cities.<\/p>\n

\n
\"Month-on-month<\/div>\n

Month-on-month change in national dwelling values. Picture: CoreLogic Source: Supplied<\/span><\/strong><\/em><\/p>\n<\/div>\n

According to CoreLogic, Melbourne home values are still -4.1 per cent below their March 2019 peak and Sydney dwelling values need to recover a further 3.9 per cent before surpassing the previous July 2017 peak. Perth and Darwin values remain -19.9 per cent and -25. per cent below their 2014 peaks.<\/p>\n

CoreLogic\u2019s research director, Tim Lawless said that while the number of homes for sale was in free fall when the pandemic first hit, property values were holding up.<\/p>\n

\u201cThe number of residential property sales plummeted by -40 per cent through March and April but finished the year with almost 8 per cent more sales relative to a year ago as buyer numbers surged through the second half of the year,\u2019\u2019 he said.<\/p>\n

\u201cDespite the volatility, housing values showed remarkable resilience, falling by only -2.1 per cent before rebounding with strength throughout the final quarter of 2020.\u201d<\/p>\n

CoreLogic argues that record low interest rates were the big factor in the resilience of property values.<\/p>\n

\n
\"Prices<\/div>\n

Prices as of December 31, 2020. Picture: CoreLogic Source: Supplied<\/span><\/strong><\/em><\/p>\n<\/div>\n<\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

MOST POPULAR<\/span><\/h3>\n