Australian Housing Market Update: May 2020
Market activity dropped sharply from the second half of March and through April.
Housing markets have been impacted by the sudden weakness in economic conditions and a plunge in consumer sentiment, however there is a significant contrast between housing values, which have shown some resilience to falls, and market activity which has dropped sharply from the second half of March and through April.
Most regions recorded a rise in home values through April, however the monthly pace of growth more than halved, dropping from 0.7% in March to 0.3% in April, which was the smallest month on month movement since July last year, when the national index was flat over the month. The six months prior to March saw national housing values rising at the average rate of 1.1% per month, highlighting how fast growth has left the market.
Although housing values were generally slightly positive over the month, the trend has clearly weakened since mid-to-late March, when social distancing policies were implemented and consumer sentiment started to plummet.
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Find out the latest news for each capital city by clicking the link and watching the videos below or read the full May 2020 Housing Market Update Transcript