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  • Property market update June 2020

    Property market update June 2020

    House prices stay resilient in a year like no other.

    We’re not even halfway through it, but 2020 has already been a year like no other. Who would’ve thought we’d experience a world without BBQs with friends, days at the beach or live sport on TV?  

    No doubt it has been an extremely challenging period, which is why we introduced a COVID-19 support package  for home loan customers who are experiencing financial distress. 

    With many of us now working from the comfort and safety of our homes, don’t miss our tips for claiming home office equipment this tax time in this RAMS Talk. Plus, we’ve included some tips to help you trim your winter energy bills.

    So what impact could COVID-19 have on property prices? Four experts give us their predictions in this RAMS Talk. Meanwhile, early signs show the market has been fairly resilient so far with the average dwelling value across our capitals actually rising 0.5% in the May quarter1.

    A key factor in this resilience has been a lack of new stock coming onto the market. Sales activity fell by 33% in April, and while some of this ground was regained in May (+18.5%), it seems many sellers are putting their plans on hold, at least for now2

    I look forward to updating you again next quarter. In the meantime, we hope you and your loved ones stay safe and healthy as we work together to protect our communities. 

    Median dwelling (house/unit) prices at  1 June 20201

    City Median dwelling price (house and units) Capital growth last 12 months
    Sydney $885,159 14.3%
    Melbourne  $686,798 11.7%
    Brisbane $508,386 4.3%
    Adelaide $441,184 1.8%
    Perth $443,669 -2.1%
    Darwin $393,939 -2.6%
    Hobart $486,056 6.2%
    Canberra $637,279 5.1%
    Combined capitals $645,511 9.7%


    1 CoreLogic Home Value Index, 1 June 2020

    2 CoreLogic estimate of sales activity, 1 June 2020

     

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.