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Canberra house prices jumped in 2020, according to one of Australia’s biggest real estate companies. Despite the horrendous year, home prices in the ACT rose by 7.5 per cent, according to data collected by CoreLogic. Of the state and territory capitals, only Darwin saw a faster rise. Prices in Melbourne fell over the year and those in Sydney rose by only 2.7 per cent. A typical landlord in Canberra who let his or her property would have seen a 12.5 per cent return if the rents over the year are added in with the rise in value of the property itself. Across the country, prices for houses rose faster than prices for units rose. CoreLogic reckons that this was because lockdowns meant “remote working opportunities” became more attractive. Flats in cities became less attractive. “Demand for lifestyle properties and lower density housing options became more popular, regional areas of Australia saw housing market conditions surge,” a company statement said. “Regional housing markets had generally underperformed relative to the capital city regions over the past decade, but 2020 saw regional housing values surge as demand outweighed supply,” CoreLogic’s research director, Tim Lawless, said. “Excluding Melbourne, every capital city recorded a higher rate of capital gain for houses relative to units in 2020.” The pattern of the year was for prices to drop around March and April as the epidemic took hold and lockdowns started, with a fast pick-up as the year progressed and the lockdowns eased. The number of sales crashed by 40 per cent in March and April but “buyer numbers surged through the second half of the year,” according to the company. There was also some evidence in Melbourne that people left the city and headed to country Victoria but the data isn’t there yet to draw the same conclusion for other parts of Australia. For faster access to the latest Canberra news, download The Canberra Times app for iOS and Android.
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Canberra house prices jumped in 2020, according to one of Australia’s biggest real estate companies.
Despite the horrendous year, home prices in the ACT rose by 7.5 per cent, according to data collected by CoreLogic.
Of the state and territory capitals, only Darwin saw a faster rise. Prices in Melbourne fell over the year and those in Sydney rose by only 2.7 per cent.
A typical landlord in Canberra who let his or her property would have seen a 12.5 per cent return if the rents over the year are added in with the rise in value of the property itself.
Units lost out to houses in 2020. Picture: Shutterstock
Across the country, prices for houses rose faster than prices for units rose. CoreLogic reckons that this was because lockdowns meant “remote working opportunities” became more attractive. Flats in cities became less attractive.
“Demand for lifestyle properties and lower density housing options became more popular, regional areas of Australia saw housing market conditions surge,” a company statement said.
“Regional housing markets had generally underperformed relative to the capital city regions over the past decade, but 2020 saw regional housing values surge as demand outweighed supply,” CoreLogic’s research director, Tim Lawless, said.
“Excluding Melbourne, every capital city recorded a higher rate of capital gain for houses relative to units in 2020.”
The pattern of the year was for prices to drop around March and April as the epidemic took hold and lockdowns started, with a fast pick-up as the year progressed and the lockdowns eased.
The number of sales crashed by 40 per cent in March and April but “buyer numbers surged through the second half of the year,” according to the company.
There was also some evidence in Melbourne that people left the city and headed to country Victoria but the data isn’t there yet to draw the same conclusion for other parts of Australia.
