PHOTO: Home prices have risen for the first time since COVID-19 hit as Sydney enjoyed another strong auction weekend. Picture: James Gourley/The Sunday Telegraph Source: News Corp Australia
Australia’s housing market is already kicking out of its coronavirus slump with all major markets enjoying growth over the last month, except for Melbourne.
According to CoreLogic’s home value indices, national real estate values enjoyed their first rise in six months during October.
National values rose 0.4 per cent in a strong sign of buyers’ and sellers’ faith in the market, and of the importance of the sector in Australia’s recovery from our COVID-19 enforced recession.
However, there has been a significant distinction between house and unit sales.
“The rise in capital city housing values over the month was entirely attributable to a 0.4 per cent lift in house values which offset the 0.2 per cent fall in unit values,” CoreLogic’s Head of Research, Tim Lawless said.
“Through the COVID period so far, unit values have actually shown a smaller decline in values than houses, but this is likely to change.”
Home values rose in all capital cities, bar Melbourne, for a 0.2 per cent rise overall and the regions enjoyed even stronger growth of 0.9 per cent in October, again highlighting the increased interest in property out of metropolitan areas.
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