PHOTO: Australia
EXPERT OBSERVERS
2020 is likely to see markets in recovery mode as housing prices catch up and then overtake their previous record highs, however the rapid rate of capital gains seen over the second half of 2019 is expected to lose steam as stock levels rise and affordability deteriorates, according to CoreLogic’s Head of Research, Tim Lawless.
In 2019 the housing market moved through the largest and longest correction on record, followed by a fast-paced rebound in values through the second half of the year.
Housing turnover fell to record lows in 2019, as did new advertised stock levels.
Interest rates reduced to levels previously unseen, while the concentration of investors in the market also plumbed new depths.
At a national level, housing values were trending lower through the first half of the year, continuing a downturn spiral that commenced in October 2017.
June saw CoreLogic’s national housing market index reach a floor after posting the longest and largest correction in housing values on record.
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