RESIDENTIAL PROPERTY
THREE years after the onset of the global COVID-19 pandemic, the rental market continues to feel the most significant and long-lasting impacts, while the buyer’s market remains a mixed bag.
According to a new report from CoreLogic, Australian home values at first took a dive at the onset of the pandemic in March 2020, falling 1.9% between April and...
However, this decline was short lived. Home values quickly saw the sharpest upswing on record, with national dwelling values rising 28.6% from...
This was a result of a monetary policy expansion and stimulus payments of approximately $120 million, helping see sales volumes peak at 619,915 for 2021.
While interest rates began their fastest consecutive uplift on record from May 2022—recently hitting the tenth rise to their highest rate since 2012...
The pandemic also had a huge impact on regional values, with net internal migration to regional Australia hitting a record high of...
Across the combined regional dwelling market, values are still 30.7% higher than at the onset of the pandemic, compared with...
Rising values over the pandemic has led to the gap between the median capital city dwelling values and median regional dwelling value shrinking from ...
Though the pandemic saw an increase in buyers looking at units over houses, as many prioritised space above all else when spending...
At the peak, residential sales that were detached houses accounted for 75.2% in October 2020, the highest proportion since early 2019.
Since the end of the federal government’s HomeBuilder scheme in 2021, detached houses share of sales has eased and is now back to pre-COVID levels.
This trend was also seen with investors, who made up less of the market from March 2020. Investors accounted for a monthly average of...
The median house in Australia in 2022 hit 32.9% above the median unit value, before trending lower to 28.3% higher in...
A good portion of the first year of the pandemic saw rent values decline, dropping 0.8% through to August 2020....
Nationally, rent values have grown 23.1% since the onset of the pandemic, this compared to annual rent growth averages in the 2010s of just 2.1%.
With Net migration inflows are anticipated d to return to pre-pandemic levels in 2023 combined with the February rental vacancy rate of...