Australian real estate markets ended 2020 with strong gains in capital cities and regional markets, setting a positive outlook for the year ahead, according to the latest CoreLogic report.
Between December and December, national house prices increased by 3%, driven by growth of 2% in capital cities and 6.9% in regional markets.
Tim Lawless, research director at CoreLogic, said the year was characterized by a slight decline in values ??with trading activity becoming volatile due to lockdowns and restrictions.
In fact, the number of property sales fell 40% in March and April, but ended the year with almost 8% more sales compared to a year ago, the number buyers having increased in the second half of the year.
"Despite the volatility, real estate values ??have shown remarkable resilience, falling just 2.1% before rebounding vigorously throughout the last quarter of 2020," said he declared.
The rebound, however, is not surprising, given the government's swift and substantial monetary and fiscal response, Lawless said. For example, the historically low interest rate continues to play a key role in supporting housing market activity.
"Containing the spread of the virus has been critical to the resilience of the economy and of the Australian real estate market," he said.
The table below shows the variations in housing prices in the capital cities:
Top suburbs:
menai
,
the tweed is heading south
,
Gladesville
,
West Wodonga
,
Lalor park
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