Australia’s housing market continued along a recovery trend through November. CoreLogic’s national index recorded a second consecutive monthly rise in November, with dwelling values up 0.8% over the month. The new recovery trend follows a 2.1% drop in Australian home values between April and September.
CoreLogic’s Head of Research, Tim Lawless, says if the current growth trend persists, we are likely to see CoreLogic’s national home value index surpass pre-COVID levels in early 2021. “The national home value index is still seven tenths of a per cent below the level recorded in March, but if housing values continue to rise at the current pace we could see a recovery from the COVID downturn as early as January or February next year. The recovery in Melbourne, where home values remain 5% below their recent peak, will take longer.”
Although housing values look set to surpass their pre-COVID highs early next year, both Sydney and Melbourne home values remain at levels similar to those seen in early 2017. While rising, Perth values are similar to mid-2006 levels, whilst Darwin values are in line with 2007 levels. At the other end of the spectrum, housing values moved to new record highs in Brisbane, Adelaide, Hobart and Canberra through November.