Australian Housing Market Update: April 2020
March was the lowest monthly gain in national housing values and likely sets the tone for housing conditions over the coming months.
It’s been a tumultuous few weeks and no doubt we are all still grappling with the ongoing COVID-19 pandemic and what it means for us, our families and our way of life. In bringing you our latest housing statistics for March, I trust you and your families are safe and well.
We are starting to see some impact from the virus on housing market conditions due to a drop in consumer confidence and weaker economic conditions. The trend in housing values actually remained positive through the month, with CoreLogic’s national index rising 0.7%, however, the second half of the month saw a weakening in the growth trend as confidence slumped and social distancing policies took effect. The result for March was actually the lowest monthly gain since the growth cycle commenced in July last year, and likely sets the tone for housing conditions over the coming months.
Although Australia’s housing markets are entering a period of disruption, they are doing so from a strong foundation. Last month, every capital city and rest of state housing market recorded a rise in housing values, apart from Hobart. Settled sales have been trending higher and most cities have staged a recovery from the previous housing market downturn.
The trends have generally been positive across each of the capital cities.
Watch the video now to get the national update.
Find out the latest news for each capital city by clicking the link and watching the videos below or read the full April 2020 Housing Market Update Transcript.