The value of housing in capitals remained up in April despite the downturn in market activity due to COVID-19, according to the latest CoreLogic report.
On a monthly basis, national home prices rose 0.3%, placing the median value at $ 557,739. The median house price in the month was 2.1% higher on a three-month basis and 8.3% on an annual basis.
While the price movement was still positive, the growth rate seems to have already slowed down. In fact, the recent price hike was the smallest month-to-month movement since June of last year.
"Although housing values ??were generally slightly positive during the month, the trend has clearly weakened since mid-late March, when social distancing policies were implemented and the consumer sentiment started to drop, "said Tim Lawless, research manager at CoreLogic.
During the month, Darwin recorded the strongest growth at 1.7%, bringing its median value to $ 402,225. The median value of Sydney also increased, up 0.4% to $ 889,992.
On the other hand, Melbourne prices have started to show weakness, showing the sharpest reversal in growth conditions. During the month, prices in the Victorian capital fell 0.3%.
"Sydney and Melbourne are likely to have a higher risk profile compared to other markets due to their high exposure to overseas migration as a source of housing demand, as well as greater exposure to the slowdown in the number of foreign students, affordability of housing and already low rental. yields which are expected to fall further as a result rising vacancy rates and falling rents, "said Lawless.
Hobart is the only other capital to report a 0.1% drop in median value to $ 484,645. Lawless said it could be due to the city's exposure to industrial sectors that are heavily affected by COVID-19 in terms of employment.
The table below shows the performance of each capital during the month:
Top suburbs:
st marys
,
Mayfield
,
loror park
,
spring wood
,
Torrensville
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