Experts say a decrease in Australian house prices since the start of the COVID-19 pandemic isn’t yet anywhere near as steep as other historical market crashes. Still, this time there is very little ammunition left to burst the economy and the real estate sector from a trough.
The latest figures show residential property values in Australia declined for the second consecutive month as the effects of the coronavirus pandemic took its toll on the industry.
But with the Federal Government currently pouring hundreds of billions of dollars to the market, homeowners won’t know for months if the present decrease could be halted or if it is going to continue its downward’s trajectory after those stimulation measures dry up.
Melbourne’s home prices dropped 2.3 per cent on the June quarter, the biggest of any capital city throughout the COVID period.
Perth had seen land sales sitting between 700 and 750 a week before the pandemic, dipping to as low as 280 a week in mid-April.
Looking only at June data, Perth and Melbourne recorded the largest capital city drops for the month, of a 1.1 per cent decline. Sydney’s drop has been quite marginal at a 0.8 per cent drop in values.