Aussie property values up 10% since start of pandemic

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 13.1% across the combined five major capital city markets.

Accordingly, dwelling values across the same five major markets are now sitting 10.1% 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 16 June 2021:

Aussie dwelling values since COVID

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 15.6% to be 13.1% 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 11.0% to be 4.5% 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 14.1% to be 13.7% above their pre-COVID level.


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

Perth values have risen 10.9% from their low to be 8.6% 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 13.7% 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 (data to end-May 2021):

Australian property growth

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

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. Know IdeaMEMBER

    Maybe it was Scomo insurgents that released the COVID-19 virus from the Wuhan lab?

    • Various cities around the world have been storing frozen samples of sewage for a few years. Towns in Italy have found the COVID virus in sewage from as far back as August 2019. That was four months before any mention of a new illness was mentioned in Wuhan, China.
      I firmly believe that the COVID-19 infection started in Italy but that does not fit the desired narrative of the US and other countries. The same thing happened with the 1917 Flu epidemic. It did not originate in Spain.

      Who stores sewage samples? I think that you will find every jurisdiction around the world does now.

  2. Fishing72MEMBER

    10 percent?

    I recently got a valuation on the house I bought in May 2020 and it’s allegedly doubled in value. Same valuer both times. I’m no bragging, believe me. Last thing I want is for rates to rise commensurately with the price of a house I have no intention of ever selling or borrowing against. It just means a different demographic of people will be moving into the neighbourhood when the existing residents fall off the perch. After recently visiting a mate who lives ocean front in the Northern beaches of Illawarra and who has watched his low key, blue collar neighbourhood transformed into a enclave of mammon worshippers who try and outspend each other on ever more ostentatious and vomit worthy displays of wealth, I’d rather remain surrounded by the legacy retirees who enjoy the area for its beauty and community and not just its appreciating capital value.

    From what I’m seeing, house price increases are more likely to be closer to 50-80 percent in the region than 10 percent.

      • Fishing72MEMBER

        I’m not sure. Either way, the land is going up in value at the same rate. It’s going to suck for locals in the future when they can’t afford their family homes cause of the gentrification. Same as everywhere I guess. It might be a bit more acceptable if one of the primary drivers of increased unaffordability wasn’t the snapping up of houses to be used as Air bnb holiday rentals.

      • Fabian AlderseyMEMBER

        Yes, but (in the ACT at least) there’s also a multiplier. There’s a certain amount of money required to pay for the services (rubbish collection etc). If house prices double that doesn’t mean it costs twice as much to provide the services. So there’s a multiplier. The more expensive plots of land pay more, but if all the houses go up in value everyone feels the same impact.

    • It is not unique to Australia. House prices are booming in South Korea, Singapore, Canada, US, UK, etc.

  3. We hear so many predictions about the next year or two, but what about the next 10 years? the guy in this video (Hunter Galloway) makes a compelling argument that prices may rise until the end of 2021 but will then be roughly flat for the next 10 years afterwards, essentially because there will be no rise in wages for the average worker. On that assumption, if I own an apartment which could sell for $900k but is only bringing in $600 per week in rent, I should sell it, right?

    • Arthur Schopenhauer

      No new industries, no wage rises.

      This does not stop wealth accumulation elsewhere, and it’s depositing into safe deposit boxes in Australia.

      Edit: On the Apartment sale dilemma, swap the apartment for land.

      • Jumping jack flash

        The “wealth” just gets created as required and pushed around in large piles, known colloquially as mortgages. It generally flows upwards, as most ponzis do.

        The banks get their share for the privilege of everyone using their debt. Using the banks’ debt is absolutely, positively essential.
        Everything is good and right.

        Except for CPI. Without a decent burst of CPI the whole thing stops. Currently it has been 13 years, but it will continue its agonisingly slow crawl forwards and maybe even backwards, as long as their shortsighted and mindless policy of CPI suppression continues.

        A policy originally started by Howard and Rudd in a time when suppressing CPI kind of made sense, but blindly continued to this day because nobody knows how anything works anymore, nor can think of anything different to do.

        When there is no manufacturing left, and there are no exports other than dirt, and all we have is debt and services, then what else can there possibly be to create growth other than by using CPI?

    • GentaurMEMBER

      Plenty of foreign cash to be spent here. And will be encouraged by our overlords if there is a hint of a correction. Already happening. A house in my neighbourhood recently sold for a record price to a buyer in NYC. Lots of visas allow the visitor to buy a house. Us and our wages don’t count if there’s a housing dollar to be made. If you haven’t got the memo yet, our pollies don’t govern on our behalf.

  4. Display NameMEMBER

    I started looking down the south coast for a property and well nigh about to give up.
    – Not much stock about
    – What stock there is, a lot of it is junk. Holiday homes with home handyman fixups. The kitchen pantry accessed off the home office. The tack on extra bedroom with the skillion roof, a cheap cliplock wooden floor that sounds hollow, the flat panel hollow core door. All done up with the R/E lipstick on a pig makeover furniture.

    Never seen so much junk. And for this junk people want top dollar. Many , from my perspective are a gut the house propositions. Floor layouts from last century, cheaply AND poorly done. Or a reasonable house, brick good bones, good condition but puts in a sh!tty cheap kitchen to sell for 1.5M.

    • Fishing72MEMBER


      A mate owns a waterfront place in the northern beaches Illawarra. It’s a well preserved and perfectly maintained old miner’s cottage, the beautiful simplicity of which becomes more apparent each year as the surrounding neighbourhood becomes transformed by the ostentatious McMansions popping up around it. The house next door was recently demolished to make way for one of the aforementioned monstrosities. The planned monstrosity is so overwhelmingly large and inappropriate that it will completely block sunlight to my mate’s place for the duration of winter. My mate contested the development application with council. The council rejected his protestations on the basis that his beautiful miners cottage will itself be the subject of an increase in height when it too is demolished to make way for a similar McMansion.

      This is the viewpoint of the council : Those who object to the destruction of their old neighbourhood need to either get on board with some destruction of their own or STFU because there will be zero considerations given for those who don’t require a suspended , glass walled yoga studio and a lap pool despite literally being within 50 metres of an ocean swimming pool , the ocean and acres of park and beach.

      • I happened to drive through Helensburgh on the weekend, which also has several streets full of McMansions and looking exactly the same as suburban Sydney.

  5. reusachtigeMEMBER

    #fakenews and #alternativefacts because house prices have way boomed compared to 10%. Probably 30-100%.

    Regardless, it’s a great time to be on the right side of history being a rich property baron.

  6. MathiasMEMBER

    Investing in over-priced assets.

    Worst still, going into debt for over-priced assets.

  7. Jumping jack flash

    If a miniscule 26 billion of super could achieve this fine result, imagine what would happen if they doubled it?

    Imagine what would happen if they took a leaf from the US’ book and pumped a few trillion into it!

    In a few years it will probably be necessary again, given Scomo and Joshy-boy’s ineptitude around running anything, including the stimulus in the name of COVID.. Not that any one of our fine leadership choices would fare much better these days, given the smoking wasteland that remains of the political landscape after Howard took to it.

    Nobody wants a repeat of 2017 to 2019, though.

  8. ErmingtonPlumbingMEMBER

    Its not very reassuring to know the same thing is now going on across the United States.
    Not just in the fancy gentrified fashionable cities but everywhere.
    And according to this guy it is a violent assault on common people and the American way of life by rapacious private equity firms like Blackrock and other financial institutions.

    Its interesting to hear a guest on Fox “News” show Tucker Carlson Say that,

    “We are not meant to be slaves to capital and Markets,…these things are (supposed to be) tools for our enrichment”

    Lol,…yeah sure they are buddy.