Property Market Update September 2020
Staying home has taken on a whole new meaning in 2020, with many Australians now working and entertaining from home as much as possible.
Property Market Update September 2020
Staying home has taken on a whole new meaning in 2020, with many Australians now working and entertaining from home as much as possible.
Has this experience changed your perspective about what you want your home to look like?
This RAMS Talk is all about improving your living spaces to help you get more enjoyment out of your home – whether that’s your current home or your next one. It’s always great to dream big and we’re here to help you make it happen!
Looking at the property market, it seems many potential sellers continue to put their plans on hold. Total listings across Australia in July were 15.2% lower than the same time last year1.
This lack of listings is one of the reasons property prices have been fairly resilient through COVID. In the August quarter, dwelling prices fell by just 2.1% across our capitals – meaning prices are still up 6.3% on average over the last 12 months2.
Interestingly though, search volumes on realestate.com in late August were up 30.5% compared to last year3 – suggesting plenty of people are thinking about greener pastures. That should make for an eventful spring as some of these plans turn into actions.
As always we’ll keep you updated through RAMS Talk, and don’t forget, if you have any questions about your home loan or if you’re looking to undertake a renovation or a new build, check in with your home lending specialist who will be happy to help guide you through it.
Median dwelling (house/unit) prices at 31 August 20202
| City | Median dwelling price (house and units) | Capital growth last 12 months |
|---|---|---|
| Sydney | $860,182 | 9.8% |
| Melbourne | $667,520 | 5.9% |
| Brisbane | $503,128 | 3.5% |
| Adelaide | $444,021 | 2.7% |
| Perth | $443,777 | -2.0% |
| Darwin | $393,386 | 0.0% |
| Hobart | $490,743 | 5.5% |
| Canberra | $636,324 | 6.9% |
| Combined capitals | $633,745 | 6.3% |
1 CoreLogic Home Value Index, 3 August 2020
2 CoreLogic Home Value Index, 1 September 2020
3 REA Insights Weekly Property Search Report, 30 August 2020
