PHOTO: A sturdy property market should prevail despite the coronavirus crisis. Picture: Tricia Watkinson Source: News Corp Australia
New restrictions have hit the real estate market hard but Australia’s leading property experts are quietly confident home prices won’t suffer a coronavirus crash. This is why.
Volumes, not values, are likely to take a hit from the COVID-19 fallout according to industry insiders as new data shows how the property market is responding to the crisis.
According to CoreLogic’s Hedonic Home Value Index for March, national housing values actually continued to rise (if only slightly at 0.7 per cent) over the month.
The second half of March saw a weakening in the growth trend as confidence slumped in line with government lockdown measures including the ban on in-house and on-site auctions and a clamp down on open home inspections. The national March reading was the lowest monthly gain since the market lifted in July last year.
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