PHOTO: One of Sydney’s Northern Beaches suburbs has outperformed. Image: Getty
The coronavirus pandemic has helped push Australian home values lower for four months in a row, but some suburbs have been bucking the trend in spectacular fashion, new analysis reveals.
Realestate.com.au’s latest update reports that while regional Australia is generally outperforming the broader housing market, expensive suburbs are also surging higher – at odds with historic downturn house price trends.
Chief economist Nerida Conisbee said global data highlights some “interesting trends” in just how resilient house prices have been, with most markets around the world declining only slightly or increasing.
“A lot of this has to do with strong momentum leading up to the ‘Great Lockdown’, however, even on a quarterly basis, we are not seeing the catastrophic falls in house prices we would expect to see following such a sharp increase in unemployment,” she said.
Housing experts have forecast falls of between 10 per cent and 30 per cent, but so far the decline has been fairly slight, with Conisbee saying this is partly due to the fact that most job losses affected renters rather than owners.
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