Australian property’s spectacular COVID rebound

The Australian property market continues to rebound hard out of the COVID-19 pandemic.

Following a 2.6% decline in dwelling values across the five major capital city markets between 15 March (the unofficial start of the pandemic) and 13 October 2020 (the bottom), values have since risen by 11.4% across the combined five major capital city markets.

Accordingly, dwelling values across the same five major markets are now sitting 8.5% above their pre-COVID level, according to CoreLogic.

Below is a chart tracking dwelling value changes across Australia’s five major markets since the beginning of the pandemic to 25 May 2021:

Australian capital city dwelling values

Dwelling values across the five major capitals have rebounded hard out of COVID.

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 a whopping 13.3% to be 10.9% 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 9.8% to be 3.3% 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 12.5% to be 12.2% above their pre-COVID level.


Perth values initially declined 2.0%, bottoming on 22 August 2020.

Perth values have risen 10.6% from their low to be 8.3% 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 12.3% from their pre-COVID level on 15 March 2020.

What makes this housing boom so remarkable is that it is universal. All capital city markets, in addition to every state region, have experienced strong price rebounds out of COVID:

CoreLogic April dwelling value results

Every capital city and regional market has rebounded strongly out of COVID.

In fact, this is the first synchronised housing boom since the early 2000s, which followed the deregulation of the financial system and the sharp reduction in mortgage rates.

Unconventional Economist


  1. Lord DudleyMEMBER

    Any word on how long until the government lets people use all their super to buy housing? It’s the best asset there is, with returns way better than whatever moribund muck Australian super funds are investing in.

    • Soon, they already did it during covid by letting people access their Super (up to $20k) so gave couples $40k for a deposit.

  2. Adelaide was a bit of a dark horse?
    Why did Brisbane suddenly accelerate only early in 2021? Is it related to investors surging back into the market or is it that many of the people who moved north would have rented first while looking and so only began buying enmasse this year?

  3. Remember one year ago and Cameron Murray predicted all this at the same time that this blog was pumping out the bear porn.