house price data

Latest price data shows market resilience

Whilst the arrival of Covid-19 may have drawn a few ‘doom and gloom’ style forecasts from several media commentators, (not to mention several economists who should have known better), the latest property price data from Corelogic has confirmed just how resilient the Victorian property market really is.

The headline message this week is that Australia’s housing values fell for the second month in a row in June. However, a close look at the figures shows that the falls have been surprisingly slight overall, and that the property market remains generally upbeat considering the challenges that the past few months have provided.

The national figures show that hot on the heels of a 0.4% decrease in May, the CoreLogic Home Value Index showed a drop of 0.7% in June. Here in Victoria the fall in June was 1.1%, which was not surprising given that we have undergone tighter restrictions that other states.

However, even after allowing for the recent falls, Melbourne’s house prices at the end of June were still more than 10% higher than the same time last year, so there is clearly no need for panic at this stage.

The other figure in the latest Corelogic report that caught our eye showed that despite values being down marginally in June, the most recent estimates of sales activity indicated that the recent growth since the recent low in April is continuing. Having reported a surge in activity in May of 21.5% surge, Corelogic estimated that there had been a further increase of 29.5% in June.

If figures like these have got you weighing up whether to make your next move in the property market in the next few months, the team at Ian Reid are ready and able to assist you whether you are thinking of buying, selling or both. Why not give us a call on 9430 0000 today to discuss the best way to approach the move?

You’ll also find plenty of helpful suggestions for property sellers in our free booklet, “Fatal Real Estate Traps Exposed”.