With the end of 2020 in sight, let’s review how the property markets have performed this year.
The year started strong, with prices growing month on month in Sydney, Melbourne, Adelaide, Brisbane.
This growth trend continued until late April, when the lag effects from lockdowns started to manifest and the Australian economy began to contract.
Property prices held stable for a few months until about June, when prices started to slip. These falls can be attributed to auction restrictions. You can’t really expect property prices to increase when it’s illegal to attend an auction.
Prices bottomed out around October, and since then, they’ve been on the rise again. In fact, some cities have already remade any COVID losses and reached new price records. Every city except for Melbourne has grown over the last year.
But there is still some recovery to go. The number of properties listed for sale, and auction clearance rates, are still lower than the same time last year.
All things considered, real estate has ended the year in a strong position and is primed for further growth.