Capital cities on a recovery trend

By Gerv Tacadena | 04 Dec 2020

Australia's housing markets continue to show signs of recovery dwelling values across capital cities and regional areas increased in November, according to the latest market update by CoreLogic.

Dwelling prices across Australia inched up by 0.8% in November. Among capital cities, Canberra and Darwin reporting the highest monthly gains at 1.9%.

Tim Lawless, head of research at CoreLogic, said the dwelling markets have entered a new recovery trend, following the 2.1% drop in home values between April and September.

"The national home value index is still seven tenths of a per cent below the level recorded in March, but if housing values continue to rise at the current pace, we could see a recovery from the COVID downturn as early as January or February next year.  The recovery in Melbourne, where home values remain 5% below their recent peak, will take longer," he said.

However, regional markets remained superior over the month, reporting gains that are double that of the combined capitals. Regional home values were up 1.4%, higher than the 0.7% rise in capital city values.

Over the month, the divergence between house and unit values continues to be apparent. House values in capital cities continue to push the overall dwelling index up, increasing by 1.1%. On the other hand, capital city unit values remained on a downtrend, falling by 0.6%.

"Relative weakness in the unit market can be attributed to factors including low investment activity, higher supply levels in some regions, and weaker rental market conditions across key inner-city unit precincts,” he said.

The table below shows the price movements across capital cities.

All capital cities posted monthly gains in dwelling prices in November. However, they were still outshined by the performance of the regional markets.

Top Suburbs : mt lawley , wallsend , torrensville , gladesville , alexandria


Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here