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A 0.7 per cent decline in June followed a 0.4 per cent decrease in May, which was the first fall recorded since mid-2019. When looking at the combined capital cities alone, real estate prices dropped by 0.8 per cent in June. The only capital cities which did not see housing values decline were Hobart, Darwin and Canberra. Melbourne led the price drops, with median real estate values tumbling by 1.1 per cent to $683,529 in June. In Sydney, the median property value decreased by 0.8 per cent to $875,749. Nationally, price changes were still positive in the past 12 months, jumping by 7.8 per cent, as all capital cities bar Perth and Darwin still saw capital growth. Annual price growth was led by Sydney and Melbourne, where housing values surged by 13.3 per cent and 10.2 per cent respectively. “A variety of factors have helped to protect home values from more significant declines, including persistently low advertised stock levels and significant government stimulus,” he said. “Additionally, low interest rates and forbearance policies from lenders have helped to keep urgent sales off the market, providing further insulation to housing values.” Source: x Australian home prices fall two months in a row Australian housing values have tumbled by 1.3 per cent in the past two months, according to the latest CoreLogic data, as prices drop for a second consecutive month.
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“So far, property value declines have been fairly mild. Nationally, the May home value index results show that the dwelling market declined just 0.4 per cent over the month, and preliminary indicators for June are showing the rate of decline has gathered some momentum through the month. “However, the Australian housing market is not one market, but a collection of many. Over the past few months, dwelling market performance has varied by region, in both a cyclical and structural way,” Ms Owen explained. The top 10 markets seeing the biggest property price falls are: Mandurah (WA): -2.2 per cent Greater Melbourne Melbourne - Inner South: -2.2 per cent Greater Melbourne Melbourne - Inner: -1.8 per cent Greater Melbourne Melbourne - Inner East:-1.8 per cent Greater Perth Perth - South East: -1.2 per cent Greater Melbourne Melbourne - Outer East: -1.2 per cent Greater Brisbane Ipswich: -0.8 per cent Greater Sydney Sydney - North Sydney and Hornsby: -0.7 per cent Greater Sydney Sydney - Inner West: -0.7 per cent Greater Sydney Sydney - Northern Beaches: -0.7 per cent “Unsurprisingly, Melbourne’s inner city and eastern suburbs have seen the largest decline across the metropolitan region, and the past two months have seen a decline in values across some high end markets in Sydney, such as North Sydney, the Inner West and the Northern Beaches,” Ms Owen said. “International border closures in response to COVID-19 may have created a significant demand shock, which had interrupted a recovery in the Perth - South East region. Prior to this, dwelling values in the area had seen four consecutive months of growth between December 2019 and March 2020.” Ms Owen noted at a suburb level, the biggest price falls are more reflective of the historic cyclical trends, “where the downturn is most prevalent in the high end of Sydney and Melbourne this far”. Source: x 10 areas where property prices are falling New research has identified the top 10 areas recording the greatest change in dwelling market values from 31 March to 31 May.
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Research by Domain economist Trent Wiltsire said that while each capital city rental market has been affected differently by the COVID-19 crisis, the national vacancy rate held steady in June, stabilising after an 80 basis point rise in April. “Some states have decided to open up borders, and economic activity is returning to somewhat normality; however, Victoria faces a second wave of coronavirus transmissions,” Mr Wiltshire said. “Vacancy rates were broadly steady in Melbourne, Sydney and Brisbane, while Hobart, Perth and Darwin saw the biggest falls. “Sydney’s vacancy rate remained at 3.6 per cent but remains 50 basis points higher than one year ago and 90 basis points higher than March. There were an estimated 22,665 vacant rentals at the end of June, a rise of 133 from a month ago.” “Adelaide is now Australia’s second-tightest rental market, even though vacancy rates fell 10 basis points to 1 per cent, 10 basis points lower year-on-year,” Mr Wiltshire added. “Canberra’s vacancy rate fell by 20 basis points to 1.1 per cent in May – matching the fall year-on-year. “In Darwin, the vacancy rate fell 60 basis points to 2.2 per cent and is 130 basis points lower than a year ago.” Get details at: x Vacancy rates hold steady Vacancy rates have come to a standstill in some areas, remaining at 2.2 per cent nationwide.
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The impacts of the COVID-19 outbreak on the housing market appear to have sparked a shift in the preference of Australian homebuyers and investors, who are now increasingly looking at regional markets, according to market experts. Cate Bakos, president of the Real Estate Buyers Agents Association (REBAA), said properties in many regional locations are recording an increase in demand and shorter days-on-market amid the COVID-19 pandemic."Be mindful that if you do have to commute to a major city for work, whether it be one day per week or five days per week, that you can tolerate the commute journey and all that goes with the extended travel time," "The official data also shows that most of Australia's best-performed property markets over the last five years were spread throughout regional Australia, not in the capital cities," he said. Matt Ward, a local agent from Aspect Buyers Agency in New South Wales, said buyers are interested in "rural lifestyle blocks" closer to larger regional centres. "We're seeing a lot of new entrants into the market as more people realise that the need for space, a side income and somewhere to escape to on the weekend can all be met in the one property," he said. Get details at: x Regional markets gaining traction? Investors see the potential for stronger rental yields in regional housing markets, an expert says
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