Just over a year ago, COVID-19 was declared a global pandemic by the World Health Organization (WHO). A nation-wide lockdown ensued, which was followed by a further 14-week hard lockdown across Victoria over winter and then several short lockdowns across various states.
Australia’s property market was negatively impacted at the beginning of the pandemic. Millions of Australians lost their jobs or were thrown onto welfare, consumer confidence cratered, property inspections and auctions were stopped, and the 5-City CoreLogic dwelling values index fell between April and October 2020.
However, the subsequent rebound has been utterly spectacular, with all major capitals experiencing strong price growth.
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Below is a summary chart plotting the changes in the CoreLogic daily dwelling values index across the five main capitals from 15 March 2020 (the unofficial beginning of the pandemic) to 12 April 2021:
Below are the key price changes across each major capital city market.
Sydney dwelling values initially fell 2.1%, bottoming on 13 October 2020.
Since then, Sydney values have rebounded 9.1% to be 6.7% higher than the pre-COVID level on 15 March 2020.
Melbourne dwelling values initially fell very sharply, declining 5.9% to 18 October 2020.
Values have since rebounded strongly, rising 7.3% to be 1.0% higher than the pre-COVID level.
Brisbane only experienced a moderate 0.3% decline in dwelling values, bottoming on 16 August 2020.
Since then, Brisbane values have surged 9.5% to be 9.5% above their pre-COVID level.
Perth values initially declined 2.0%, bottoming on 22 August 2020.
Perth values have risen 8.9% from their low to be 6.7% above their pre-COVID level.
Adelaide dwelling values did not suffer any value decline during the initial stages of the COVID pandemic. Instead, values have risen 9.4% from their pre-COVID level on 15 March 2020.
Dwelling values at the 5-City level initially declined 2.6%, bottoming on 13 October 2020.
The rebound has been sharp, rising 8.2% from their low to be 5.3% above their pre-COVID level.
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