• Property Market Update December 2020

    Property Market Update December 2020

    Property market set to end the year on a high

    Since our last update it’s become increasingly apparent that Australia is slowly but steadily getting more on top of COVID-19. It’s been an incredible effort by everyone, and this edition of RAMS Talk celebrates the togetherness and resilience that’s got us through an extremely difficult year. 

    The improved sentiment around COVID-19 has boosted confidence in the housing market. After falling for five consecutive months, average dwelling values across our capitals rose by 0.2% in October and 0.7% in November, giving us an annual growth figure of 2.4%1  – a remarkable result in the circumstances.

    Looking ahead, the housing market should benefit further from the RBA’s decision to cut interest rates by 0.15% in November. Interestingly, the RBA said at the time they are “not expecting to increase the cash rate for at least three years”2

    With interest rates likely to stay low for some time, it could be a good opportunity to use your equity to improve the liveability and value of your home. In this RAMS Talk we share some tips on how to organise and improve your home this summer. Plus we find out which are the most popular areas for the many Australians currently looking for new pastures.   

    Median dwelling (house/unit) prices at  30 November 20202

    City Median dwelling price (house and units) Capital growth last 12 months
    Sydney $860,967 3.7%
    Melbourne  $672,172 -0.9%
    Brisbane $515,267 3.2%
    Adelaide $459,896 5.3%
    Perth $463,846 0.8%
    Darwin $405,857 5.9%
    Hobart $505,683 5.6%
    Canberra $672,866 7.0%
    Combined capitals $642,863 2.4%

    1 CoreLogic Home Value Index, 30 November 2020 

    2 Reserve Bank of Australia Media Release, 3 November 2020

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  • Disclaimer:

    This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.