The real estate market across the country continued to bounce back from the much less damaging impact of COVID-19 on the housing market. All states and territories recorded housing value growth over November, the November Home Value Index from data house CoreLogic found.
Dwelling values rose a combined 0.8 per cent nationally last month, on the back of 0.4 per cent growth in October. The resurgent Melbourne market outperformed Sydney, with 0.7 per cent gains compared to Sydney’s 0.4 per cent growth.
CoreLogic’s head of research Tim Lawless says that if the current growth trend persists, we are likely to see values 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. “The recovery in Melbourne, where home values remain 5% below their recent peak, may take longer, but currently represents an outstanding purchase opportunity” Lawless advises.
Melbourne have surged out of the pandemic following the end of their extended lockdown and loosening of restrictions to overtake Sydney’s growth in November. Houses were up 0.6 per cent to be just -0.6 per cent down on the quarter, with units performing even better, up 0.7 per cent to be 0.1 per cent up on the quarter.
Every capital city and every regional market recorded house price growth in November, according to the latest data from CoreLogic. Nationally house prices rose 1.1% in November, led by a 1.4% in regional markets which continue to out-perform the capital cities.
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