From Mr Joye today:
There are signs the modest coronavirus-induced housing correction may be coming to an end in all cities but Melbourne, according to the latest daily CoreLogic index data. The risk to this nascent recovery is a second wave emerging in New South Wales.
Remarkably, across Australia’s eight capital cities home values have only declined 2.5 per cent since their peak in April 2020, which is consistent with our projection that the COVID-19 shock would induce only a zero to negative 5 per cent move in prices.