A review of key residential indicators across major Australian cities.
Although Australia is now in recession as a result of Covid-19 restrictions, residential property prices across most Australian cities have performed remarkably better than many expected in Q2 2020.
Australia ranked 19th globally for annual price growth in Q2 2020 with growth of 6.1%. Part of this was due to Australia's rapid response in dealing with the COVID-19 pandemic ahead of other countries. Another part being attributed to the pent-up demand and low housing stock levels prior to the pandemic.
The uncertainty buildings around the withdrawal of economic stimulus, mortgage holidays and closed borders on population growth still lies ahead. In saying this, the Australian housing market has performed remarkably better than many would have expected in the second quarter of 2020. This is leading to the likehood of a market recovery in the second half of 2021.