2020 is a unique and trying year. Most of us felt the sensations of joy, sorrow, hope, and resilience.
As the year comes to a close, it is also good to hear the good news from the property market that the Australian property price did not fall as steep as predicted, but rather, in the November month, the average Australian property price had seen a resurgence.
By the latest CoreLogic data, the average Australian house price had increased 0.8% in November to a median house price of over $550,000.00.
If this trend continues, then it is highly likely that the national house price will exceed the price before the COVID19 pandemic. The average house price in Australia fell by just 2.1% between April and September, according to the CoreLogic research.
However, CoreLogic points out, the Melbourne House price is still 5% below their peak level, and it might take some time to recover.
Locally, we can see that the Sydney Property Price increases by 0.4%, while the house price in Melbourne increases by 0.7%.
Brisbane, Adelaide, Hobart and Canberra all reached record highs in November, according to the index, while Darwin and Canberra recorded the biggest jumps in home values – rising 1.9 per cent to medians of $405,857 and $672,866, respectively.
The lower or low-interest rate in Australia might explain why the property prices increased rather than decreased in the time of COVID19 pandemic.
The Australian government and the medical industry had done a fantastic job in containing the virus.
At the start of the COVID19 pandemic, many economists think the house price would fall by as much as 15%. However, this has not happened yet.
As one of the most specialized and experienced mortgage broker in the market place in the eyes of our customers, we are here to help. Come and talk to one of our friendly and professional home loan brokers. We will help you to review your loan situation, and come up with an ideal solution to help you to get a home loan with the lower interest rate and features which would allow you to reduce your interest expense. Come and talk to us at 1800 841 321.