Home values rise nationwide in November, growth trend to surpass pre-COVID levels in early 2021: CoreLogic

Home values rise nationwide in November, growth trend to surpass pre-COVID levels in early 2021: CoreLogic
Joel RobinsonDecember 7, 2020

The real estate market across the country continued to bounce back from the much less damaging impact of COVID-19 on the housing market.

All states and territories over dwelling value growth over November, the November Home Value Index from data house CoreLogic found.

Dwelling values rose a combined 0.8 per cent nationally last month, on the back of 0.4 per cent growth in October.

The resurgent Melbourne market outperformed Sydney, with 0.7 per cent gains compared to Sydney's 0.4 per cent growth.

Brisbane were the only other capital to see growth less than one per cent. Dwelling values in the Queensland capital rose 0.6 per cent to take their quarterly gains to 1.5 per cent.

Canberra and Darwin were the nation's top performers, both seeing huge 1.9 per cent growth, taking their quarterly gains to 3.3 per cent and 4.7 per cent respectively.

Home values rise nationwide in November, growth trend to surpass pre-COVID levels in early 2021: CoreLogic  

CoreLogic's head of research Tim Lawless says that if the current growth trend persists, we are likely to see values surpass pre-COVID levels in early 2021.

“The national home value index is still seven tenths of a per cent below the level recorded in March, but if housing values continue to rise at the current pace we could see a recovery from the COVID downturn as early as January or February next year.

"The recovery in Melbourne, where home values remain 5% below their recent peak, will take longer," Lawless advises.

House and Units

Sydney's unit market was the only market across Australia to see declines in November, down -0.7 per cent to be -1.8 per cent down on the quarter.

Houses drove Sydney's 0.4 per cent dwelling value gains. The housing market saw a 0.9 per cent growth in values.

Melbourne have surged out of the pandemic following the end of their extended lockdown and loosening of restrictions to overtake Sydney's growth in November.

Houses were up 0.6 per cent to be just -0.6 per cent down on the quarter, with units performing even better, up 0.7 per cent to be 0.1 per cent up on the quarter.

Home values rise nationwide in November, growth trend to surpass pre-COVID levels in early 2021: CoreLogic

Brisbane's 0.6 per cent gains were driven by its housing market, up 0.7 per cent compared to its 0.2 per cent gains in the apartment market.

The housing and unit markets were both strong in Perth, up 1.1 per cent and one per cent respectively to see Perth dwelling values rise 1.1 per cent.

Darwin's boom was driven by its huge spike in apartments, up 2.4 per cent on the month to be 4.9 per cent up on the quarter, the best performing market across the country in the last three months. 

 

 

 

 

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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