Interactive maps show the impact of COVID-19 on house prices
A noticeable decline in capital city median house prices is starting to occur, according to fresh research by property research house HtAG.
Analysis of data provided by each state’s leading real estate industry bodies indicated the decline was associated with the COVID-19 event, given the preceding market growth in the second half of 2019 and early 2020.
The second half of 2019 was quite dynamic in terms of sales volume, with sales peaking at more than 600 more transactions than the peak in the previous year.
Accelerated sales growth occurred throughout houses, units and townhouses, with the momentum continuing into 2020.
Transactions reached their peak in late February, with volumes exceeding those recorded for the same period in 2019.
The peak was followed by an immediate contraction in early March, with sales then gradually declining throughout the rest of the month and April to their lowest point since the start of the year.
The fall in market activity was felt across Australia, with an overall decline of near 60 per cent in transactions in the post-Easter period in 2020, compared to 2019.
It is important to note that there are markets within markets and although the prices are declining in most capital cities, there are council areas and suburbs in each city that still exhibit positive growth.
These interactive maps developed by HtAG show year on year growth in Q2 2020 for council areas in Sydney, Melbourne, Perth and Adelaide.
Inner Brisbane and Canberra maps chart year on year growth at the suburb level.