Australia’s housing market is continuing to bounce back from the falls experienced during the pandemic, according to the property researcher.
All capital cities reported a second consecutive monthly rise in November, with dwelling values up 0.8% over the month.
The recovery follows a 2.1% drop in Australian home values between April and September.
CoreLogic’s Head of Research, Tim Lawless, says if the current growth trend persists, its national home value index is likely to surpass pre-COVID levels in early 2021.
“The national home value index is still seven tenths of a per cent below the level recorded in March, but if housing values continue to rise at the current pace, we could see a recovery from the COVID downturn as early as January or February next year,” he said.
“The recovery in Melbourne, where home values remain 5% below their recent peak, will take longer.”
Home values in Sydney and Melbourne both sit at levels similar to those seen in early 2017, the index states, with Perth at mid-2006 levels and Darwin values at 2007 levels.
But in Brisbane, Adelaide, Hobart and Canberra, housing values hit a record high in November.
Regional areas also performed strongly, up 1.4% in November compared with a 0.7% rise in capital city led by regional Queensland where values have risen 3.2% over the past three months, and regional NSW, up 3.1%.
With the latest PwC Australia/Property Council Retirement Census showing 46% of prospective buyers cancelled their sale in 2020, the figures are welcome news for operators looking to reverse this trend in 2021.
