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  • Property market update March 2020

    Property market update March 2020

    Market recovery goes national/Prices rises as interest rates and stock levels drop

    The housing market recovery appears to be in full swing in 2020, with positive growth in all capital cities to start the new year. 

    What a difference a year makes. This time last year we had property prices falling in most of the country and an official cash rate of 1.50%. 

    A year on and the property is well and truly in recovery mode, supported by an official cash rate of just 0.50% after the RBA cut rates again in March.

    This period of growth began in Sydney and Melbourne last July and has since spread across the country, with only Darwin (-1.8%) experiencing negative growth in the February quarter1

    A key feature of this recovery has been low volumes of new listings, which in January 2020 were down 10% on the previous year nationally – led by a 24.8% drop in Sydney2. Figures released today by SQM Research reveal national residential property listings increased in January by 2.2% from 288,966 in December 2019 to 295,295. Compared to 12 months ago, listings were down by 10.0%.

    Autumn and Spring are traditionally the busiest seasons for new listings. So will the market continue its positive momentum as more stock comes onto the market?  And what impact will coronavirus on market sentiment?

    Median dwelling (house/unit) prices at 29 February 20202

    City Median dwelling price (house and units) Capital growth last 12 months
    Sydney $872,934 10.9%
    Melbourne  $689,088 10.7%
    Brisbane $503,265 1.9%
    Adelaide $439,453 0.4%
    Perth $442,691 -4.0%
    Darwin $386,345 -7.8%
    Hobart $488,968 5.0%
    Canberra $631,862 4.1%
    Combined capitals $637,710 7.3%

    1CoreLogic Home Value Index, 2 March 2020

    2SQM Research media release, 4 February 2020


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    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.