Fueled by the pandemic, Australian property prices have skyrocketed in the last year. The data from both capital cities and regional locations is something we have not seen in decades, with lockdowns having virtually no effect on prices. Here is an article from abc.net.au that we thought would be beneficial to share.
Australian house prices have become even more expensive, with coronavirus lockdowns across NSW, Victoria, and the ACT having practically no impact on property values.
The nation’s median property price lifted by 1.5 percent last month (to $666,514), according to the latest CoreLogic data.
Houses and apartments in nearly every capital city were even pricier, with Hobart (+2.3pc), Canberra (+2.2pc), and Brisbane (+2pc) posting the biggest increases.
Prices in the other capitals also went up sharply, including Adelaide (+1.9pc), Sydney (+1.8pc), and Melbourne (+1.2pc). But Darwin was the outlier, with prices down 0.1 percent last month.
However, this month’s figures from CoreLogic did not include Perth or regional Western Australia “pending the resolution of a divergence from other housing market measures in WA”.
Housing values have risen at a slower pace in the past few months, but that “probably has more to do with worsening affordability constraints than ongoing lockdowns”, said CoreLogic research director Tim Lawless.