Australia Property Prices Rise03 August 2020 by News Desk
Australia Property Prices have risen by around 13 per cent in major cities across the country.
The coronavirus emergency has caused a 2.5 per cent fall in house values over the past quarter but overall Australia Property prices have seen a big increase in the past 12 months.
Sydney house prices fell 1% in July and have dropped by 2.4 per cent over the quarter. Despite the drop, Sydney house prices have increased by 13.2 per cent over the past year.
Values for units and apartments dropped by 0.7 per cent in July to be 1.4 per cent softer over the past three months. However, like houses, the apartment sector is still up over the past year, by 9.5 per cent.
Melbourne house values dropped by 1.4 per cent in July to be down by 3.8 per cent over the past quarter.
Melbourne’s housing market has taken the biggest hit of any capital city in the county over the past three months.
Despite the fall, Melbourne house values are still 8.9 per cent higher than a year ago.
The units and apartment sector in Melbourne has also eased, down by 0.7 per cent in July to be 1.9 per cent lower over the quarter. Again, it is still up by 8.2 per cent on the same period in 2019.
Elsewhere, house values fell by 0.3 per cent in Brisbane, by 0.6 per cent in Perth, by 0.4 per cent in Hobart and by 0.2 per cent in Darwin.
But two cities, Adelaide (0.1 per cent) and Canberra (0.7 per cent) defied the national trend to see value increases for houses through July, according to the latest CoreLogic report.
Federal and state government support programs, particularly those aimed at first time buyers, had helped to boost the market and inject buyer confidence.
Darrell Todd, founder of thinkingAustralia, says: “The lower end of housing is holding fine, in fact it’s growing as first home buyers apply for Government grants that allow them to get into the Property market.”
“Government support has seen developers offering massive deals, up to $40,000 – plus the ‘first home buyers government grant of $25,000, so buyers can get a saving of $65,000 when buying their first home”
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