PHOTO: Australian property
Australia’s capital cities were on track to experience the fastest housing market recovery on record until COVID-19 stopped the strong rebound dead in its tracks this year, with median property prices not expected to return to 2017 levels before 2025 at least.
CoreLogic data shows housing values across the combined capital cities surged 10.3 per cent over 10 months from midway through last year, following a 10.2 per cent hit to the market during the 2017-19 downturn. But then the pandemic struck and Australia went into shutdown mode in March.
National property prices have fallen for two months in a row.
The fastest housing market rebound remains the period between 1983 and 1984, which followed the early 1980s recession, after which prices recovered by 10.5 per cent over 11 months.
Tim Lawless, CoreLogic’s head of research, said that despite a few signs the rebound had been slowing towards the end of last year, the market had been on track for the “most rapid recovery phase that we’ve seen”.
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