Real Estate Values Keep Rising, Despite Pandemic
Median price growth for the month of November ranged from 0.4% in Sydney to 1.9% in Darwin and Canberra.
Over the year to November, prices grew in all capitals except Melbourne.
Canberra’s median price ($672,866) is now higher than Melbourne’s ($672,172), making Canberra the second-most expensive capital city property market, behind Sydney.
Peter Koulizos, chairman of the Property Investment Professionals of Australia (PIPA), said the latest statistics were in stark contrast to the alarmist forecasts at the start of COVID.
“Big banks and some property commentators were predicting property price falls of anywhere from 10-30%,” he said.
“At the same time, PIPA produced research to show that house prices had increased by as much as 100% in the five years after the most recent recessions.
The outlook for 2021 suggests property values could continue to increase on the back of record low interest rates and the potential relaxation of lending policies.