PHOTO: Australia’s house prices
Australia’s property prices have edged higher in March despite the number of homes being listed for sale plummeting as vendors look to wait out the coronavirus crisis. New data from property research firm CoreLogic revealed Australian properties rose by 0.7 per cent in March, the lowest monthly gain since the market lifted in July last year.The greatest gains to be had over the past quarter were in Sydney (up 3.9 per cent), followed by Melbourne (up 2.9 per cent) and Canberra (up 1.7 per cent).
Over the month of March, the only capital city to register a decline in property prices was Hobart, which dropped 0.2 per cent.Despite the slight uptick in value across most of the country, CoreLogic’s Head of Research Tim Lawless said property was not immune to the damaging effects of COVID-19.”The housing market won’t be immune to a drop-in sentiment and weaker economy, however the extent of the impact on dwelling values remains highly uncertain,” Mr Lawless said.
READ MORE VIA 9 NEWS
