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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