Blog Property price update for major cities 2020

Property price update for major cities 2020

10 November 2020
Property price update for major cities 2020

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House prices were tipped to rise by 10% nationally in 2020… and then a little virus changed everything.

COVID’s impact on house prices hasn’t been as apocalyptic as first thought (some commentators had been predicting house price falls of up to 40%!) but they have dipped slightly. Nationally, house prices have fallen by 2.6% since March according to CoreLogic.

So how have house prices in each individual city fared during COVID and what are some strong performing suburbs you should keep an eye out for if you’re looking to buy?

Sydney


Falling house prices in Sydney and Melbourne, which makes up 40% of Australia’s housing stock and 55% by value, have driven most of the national house price falls.

House prices fell by 1.6% over the October quarter leading to a median property value of $859,943 according to CoreLogic.

Strong performing suburbs


Broken Hill: A recent report published by CoreLogic found that the median house price in Broken Hill in NSW has increased by 30.7% over the past 12 months to $120,000 making it an attractive option for first-time buyers or investors.

Blue Mountains: CoreLogic’s Pain and Gain report found that the Blue Mountains LGA had the highest level of profitability from resales at 95.9%, while property values continuing to rise during COVID, despite values falling across Sydney.

Melbourne


House prices in Melbourne have dropped the most out of any capital city since COVID, likely due to the severe lockdowns. According to CoreLogic, property values fell by 3.3% in the October quarter leading to a median property value of $666,796.

Strong performing suburbs


Orbost: CoreLogic’s top-performing suburbs report found that the historic town of Orbost in East Gippsland’s Snowy River country saw property values soar by 25.6% in 2020 to a median house price of $200,500. If you’re prepared to live that far out of Melbourne or want an investment property, Orbost could be an affordable option.

Mornington Peninsula: CoreLogic’s Pain and Gain report found that properties in the Mornington Peninsula, as well as Hobsons Bay and Melton have the highest levels of profitability, where around 98% of properties sold for an average profit of $328,000.

Brisbane


In comparison to Sydney and Melbourne, Brisbane’s house prices have been nowhere near as impacted by COVID, only dropping by 0.5% in October and 0.0% over the October quarter.

The median property value in Brisbane is $504,902 according to CoreLogic data.

Strong performing suburbs


Moranbah: According to CoreLogic, a standout performing suburb in terms of values was the coal mining town of Moranbah where the median property value has surged 23.9% over the year to a median value of $238,000. It’s important to note however that many mining towns often go from boom to bust because the local population relies on mining employment.

Moreton Bay region: CoreLogic’s Pain and Gain report found that 90.7% of resales in the Moreton Bay region were sold for more than the previous sale price.

Adelaide


Adelaide’s house prices actually rose by 0.9% over the October quarter, leading to a median property value of $449,803.

Strong performing suburbs


Mount Barker: In Mount Barker, only 2.9% of properties made a loss while 97.1% sold for an average profit of over $193,000.

Adelaide Hills: The Adelaide Hills region is another strong performer, with the highest annual house price growth at 8% and over 95% of properties selling at an average profit of $140,000.

Perth


House prices in Perth dipped slightly over the October quarter, slipping by 0.3%. The median property value is $445,717 according to CoreLogic data.

Strong performing suburbs


East Fremantle: CoreLogic’s Pain and Gain report found that over 81% of resales here made an average profit of almost $200,000.

Crawley: On the banks of the Swan River, Crawley has recorded an impressive 419.20% annual house price growth with a median property value of $1.15 million.

Hobart


Hobart property values rose over the October quarter, increasing by 0.3% to a median property value of $489,059.

Strong performing suburbs


Derwent Valley: Not one property sold for a loss in picturesque Derwent Valley, according to CoreLogic: 100% of properties sold for an average profit of $55,000. But it’s important to note this is off a very low base as Derwent Valley only has a population of 10,000.

Bellerive: With over 60% annual house price growth, Bellerive is a suburb to watch.

Darwin


It would seem house prices in Darwin haven’t been impacted by COVID at all, rising by 2.3% over the October quarter to a median value of $398,885.

Strong performing suburbs


Rosebery: According to SQM Research, Rosebery is a good suburb to invest with a median house price of $470,000 and average weekly rent of $500.

Driver: According to SQM Research, Driver is a solid investment option with a median house price of $377,000 and an average weekly rent of $405.

Canberra


Our capital city has also not really been impacted negatively by COVID if CoreLogic’s data is anything to go by. House prices rose 1.5% in the October quarter to a median property value of $644,581.

Strong performing suburbs


Belconnen: According to SQM Research, suburbs around Belconnen are tipped to perform well due to its proximity to the University of Canberra, Lake Ginninderra and solid house price growth.

Casey: This suburb was recently crowned Canberra’s best performing suburb with annual house price growth of 6.4% this year.


Are you thinking about buying a home or your next investment property? Stay ahead of the competition by downloading a property report. Property reports give you extensive information about the property you’re planning to buy or sell from market-leading research company CoreLogic. Each report includes an estimated price range for the property, recent sale prices for similar properties in the area, details of nearby properties that are on the market, information on the suburb’s performance and a suburb profile.

Download your free property report here