Australian housing market update: August 2020
Record low interest rates, government support and loan repayment holidays for distressed borrowers have helped to insulate the housing market from a more significant downturn.
Last month we saw Australian housing values rack up a third consecutive month of declines, with CoreLogic’s home value index dropping 0.6% over the month. This was a slight improvement from June, when the national series was down 0.7%.
Across the capital cities, only Canberra (+0.6%) and Adelaide (+0.1%) posted a rise in dwelling values over the month, while Melbourne (-1.2%) and Sydney (-0.9%) led the decline, recording the largest month-on-month falls in July.
Regional markets are generally showing more resilience to falling values. Across the combined regional areas, housing values were unchanged in July compared with a 0.8% fall across the combined capital cities. Regional Victoria, where values were down half a percent, and regional Western Australia, down 3.2%, were the only non-capital city markets to record a fall in values over the month.
The impact from COVID-19 on housing values has been orderly to-date, with CoreLogic’s national index falling only 1.6% since the recent high in April and housing turnover has recovered quickly after it’s sharp fall in late March and April.
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 August 2020 Housing Market Update Transcript.