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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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    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.