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Property Market Upswing

08 July 2020 by News Desk

Australia property market has seen an upswing in prices and rents in key cities across the country.

Property prices have increased in Darwin (up 0.3 per cent) and Canberra (up 0.1 per cent) in June.

Perth has seen an increase in both rents and housing prices in the past month.

The wider Australia property market may have been impacted by the COVID-19 emergency but the overall effect has been ‘mild’ according to industry experts.

A range of factors has helped to prevent a major downturn across the industry, including low housing stock levels and government financial stimulus measures.

Low interest rates and mortgage repayment holidays from lenders have also helped to maintain property sales and prices.

The auction market remains active, with a clearance rate of 64.5 per cent for the week ending Sunday 28th of June when 1,424 homes were scheduled for auction.

This is the highest number of auctions in over two months and signals improved seller confidence.

Australia property market

Perth has seen an increase in rents for both houses and units, with rental prices rising one cent for houses and 0.1 per cent for units.

Rental prices have risen in regional areas, with overall region rents increasing across units and houses, 0.3 per cent and 0.2 per cent respectively.

The best performing regional market was in South Australia with rents up 2.9 per cent for houses and 1.8 per cent or units over the last 3 months.

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