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2020 has been a devastating year for many households and small businesses. As Australia moves through its first recession in over 28 years, ABS payroll data suggests wages are down 4.3% between Australia’s 100th case of COVID-19 on March 14, and October 31st. In the same period, payroll jobs decreased 3.0% At the onset of the pandemic, consensus seemed to be building that the national decline in property values could reach 10%, with worst-case scenarios suggesting prices could fall by as much as a third. Although housing values are once again rising, it’s important to highlight that Melbourne housing values remain around 5.4% below their recent high, and Sydney housing values are still 4.8% below their 2017 peak. Values in Perth and Darwin are more than 20% below their 2014 peaks, while the remaining capital cities have seen housing values move to new record highs through the COVID period. As Australia enters the start of a gradual recovery from the largest economic downturn since the 1930’s, how can this be reconciled with such a mild downturn in property values? A few factors that may explain the relative stability in housing, at a high level, are put forward below. For full details, Visit: x Why didn't Australia's property market crash? - Ma... Eliza Owen, head of research at CoreLogic, has released an interesting report explaining why Australian property values have held up so well in the face of the COVID-19 pandemic:
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According to Westpac, the number of first home buyers looking to enter the property market in the next five years has significantly increased from 7 per cent in 2019 to 16 per cent in 2020. The research found that among the major drivers for home purchase are: ‘no longer wanting to pay rent’ (54 per cent), ‘seeking more stability’ (39 per cent) and ‘financial security’ (37 per cent), particularly after the uncertainty brought about by the pandemic. Beyond financial reasons, the findings suggest that time spent with others during restrictions has also been a motivating factor, with seven in 10 (69 per cent) of those currently sharing a roof with housemates, parents or in-laws now determined to get a foot on the ladder. A third (32 per cent) of prospective buyers are also seeking a sense of independence through home ownership. “Even though younger generations have been some of the most financially impacted this year, it’s positive that many have really used this time to take stock of their finances and get serious about their long-term goals,” Ms Hughes highlighted. In Sydney, prospective first home buyers identified western suburbs as locations they want to buy in, particularly areas within 10km from the city centre, like Ashbury and Marrickville. Continue reading at: x Property hotspots for young Aussies revealed New research from Westpac revealed that the number of first home buyers looking to enter the market has more than doubled since 2019, proving that COVID-19 continues to shape Australian home ownership...
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