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Property Prices Continue to Show Resilience, Despite Pandemic Impacts

House prices stayed the same or rose slightly in nine of the 15 major market jurisdictions across Australia in May, according to new data from CoreLogic.

The overall national result was a 0.4% decrease in house prices in May, following small increases in both March and April. The overall result for apartments was a 0.2% fall in May.

The CoreLogic figures confirm that property prices continue to show strong resilience, with few signs as yet of any significant decline in property values, despite the impacts of the pandemic shutdown period.

In May, there were decreases in house prices in Sydney (0.6%), Melbourne (1.1%), Perth (0.6%) and Darwin (0.9%). House prices rose in Canberra (0.7%), Hobart (0.8%) and Adelaide (0.4%) – and were unchanged in Brisbane.

House prices also rose in the regional areas of South Australia, Tasmania and the Northern Territory – and were unchanged in the regional areas of Victoria and Queensland. The only regional markets to decline were NSW and Western Australia.
The overall result for regional Australia was a 0.1% decrease in May.

In the past quarter, prices rose in 13 of the 15 market jurisdictions, led by a 2.8% rise in regional Tasmania and a 2.0% rise in Darwin. The only markets to record a decline in the past three months were Melbourne and regional Northern Territory.

In annual terms, the overall position is an 8.3% rise in house prices and an 8.4% increase in apartment prices. In terms of annual growth, the leading house markets are Sydney (15.6%), Melbourne (12.2%) and regional Tasmania (8.3%), while the leading apartment markets are regional Tasmania (20.7%), regional South Australia (15.5%), Sydney (11.6%) and Melbourne (10.6%).


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