Brighter Buying

New data: Brissie home values weather the COVID storm

by Kate Watt, Marketing Manager 30 July 2020

Brisbane house prices have outperformed the national average in the March-to-June quarter, showing resilience during the peak of the COVID lockdowns.

Nationally, house prices dropped 2 per cent, while Brissie homes dropped just 1.4 per cent.

Melbourne took the biggest tumble, down 3.5 per cent while Sydney fell 2 per cent.

The data comes from the Domain House Price Report, which shows Australia’s property market has weathered the COVID uncertainty remarkably well.

“The outlook for the housing market is definitely more stable than the broader economy,” said Domain senior research analyst Nicola Powell. “While prices in most capital cities have declined, the falls have been minimal to date.

“The unprecedented government stimulus with HomeBuilder, JobKeeper and JobSeeker, mortgage holidays, low stock levels and record low interest rates are shielding values from any significant declines, and helping to retain stability in the housing market,” she said.

Nationally, unit prices dropped just 2.2 per cent, also showing a pretty solid performance, though there is greater variance between capital city markets.

Brissie’s inner city unit owners have been living life in the slow lane for a little while now and the results show we’ve hit another speed bump with Brisbane unit prices dropping 4.1 per cent.

But on the bright side, Dr Powell tips an upbeat forecast for Brissie: “The outlook for residential property has improved vastly in recent weeks,” reports Smart Property Investment.

Check out the changes in capital city house prices for the March-to-June quarter.

  • Melbourne, -3.5%
  • Sydney, -2.0%
  • Perth, -1.5%
  • Brisbane, -1.4%
  • Darwin, -1.0%
  • Adelaide, 0.2%
  • Hobart, 1.4%
  • Canberra, 4.1%

And check out the changes in capital city unit prices for the March-to-June quarter.

  • Perth, -4.9%
  • Brisbane, -4.1%
  • Darwin, -3.7%
  • Adelaide, -2.9%
  • Sydney, -1.9%
  • Melbourne, -1.7%
  • Hobart, -1.5%
  • Canberra, -1.3%

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