Coronavirus has had a sobering effect on most sectors of the Australian economy and real estate is no different. But if you’re a buyer, that’s a good thing. Here’s where you should be looking.
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News Corp Australia NetworkJUNE 29, 202012:00AM
COVID-19 has sent home prices in Malvern East in Melbourne tumbling.Source:News Corp Australia
The coronavirus pandemic has had a sobering effect on most sectors of the Australian economy and real estate is no different.
But if you’re looking to buy, that is a good thing and there could be plenty of bargains out there.
According to Eliza Owen, head of research at property data group CoreLogic, “the stringent government response to COVID-19 has undoubtedly placed the property market cycle at the cusp of another downswing”.
Homebuyers could pick up a bargain in Malvern East in Melbourne.
Nationally, across much of our capital cities, Australia’s property values were on the increase before COVID-19 hit, after unexpectedly strong growth at the back end of last year. However lockdown in mid-March put an end to that, as restrictions were placed on home inspections and auctions and the economy slid into neutral.
Across the country, home value index results in May slid 0.4 per cent. But according to Ms Owen “preliminary indicators for June are showing the rate of decline has gathered some momentum through the month”.
From March through to May, a number of property regions across Australia have fallen, places where buyers can now pick up a bargain.
A number of more importantly dramatic falls over that length possess took place in Melbourne’s interior borough and surrounding suburbs, the place values in Malvern East slumped 4.8 per cent, in Glen Iris they had been cut 3.8 per cent, in Northcote they slipped 3.5 per cent, in Port Melbourne -3.2 per cent and in Bruswick East -3.1 per cent.
In Sydney over that time, North Sydney, the inside West and the North seashores were the toughest hit. Mosman fell 2.5 per cent, Lane Cove North (-2.4 per cent), Manly (-2.3 per cent), Leichhardt (-1.7 per cent) and Wentworth mountaintop (-1.4 per cent).
In larger Perth, values in Mandurah own fared the worst, falling 2.2 per cent.
In bigger Brisbane, Ipswich led the downturn with a three-month dwindle of 0.8 per cent, adopted by a descend of 0. 5 per cent with interior City.
Across Adelaide, costs own remained steady.
In Darwin values doubled 0.1 per cent.
Lane Cove North is price a look.
“As the downturn progresses, we tend to see persevered declines in inner-city markets that had beforehand relied on worldwide migration for brand spanking new housing demand,” Ms Owen said. “However, because the wider financial downturn drags on housing demand, gentle worth declines are inclined to spread, leading to a extra broad-based downturn in the subsequent 12 months.”
The numbers in the areas as growth rates declined due to Covid-19 from May to March
Melbourne – internal South -2.2%
Melbourne – internal -1.8%
Melbourne – internal East -1.8%
Perth – South East -1.2%
Melbourne – Outer East -1.2%
Sydney – North Sydney and Hornsby -0.7%
Sydney – interior West -0.7%
Sydney – Northern seashores -0.7%
Melbourne – North East -0.6%
Brisbane internal borough -0.5%
Mornington Peninsula -0.5%
Brisbane: Logan – Beaudesert -0.5%
Melbourne – South East -0.4%
Sydney – interior South West -0.4%
Sydney – Baulkham Hills and Hawkesbury -0.3%
Perth – North West -0.3%
Brunswick East has seen house values slip previously three months.
Moreton Bay – South -0.3%
Sydney – Sutherland -0.2%
Sydney – South West -0.1%
Sydney – borough and interior South 0.0%
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Adelaide – North 0.0%
Melbourne – West 0.0%
Perth – North East 0.0%
Brisbane – South 0.0%
Central Coast, NSW 0.0%
Perth – South West 0.1%
Sydney – Blacktown 0.2%
Sydney – Parramatta 0.2%
Melbourne – North West 0.2%
Adelaide – South 0.4%
Mosman is one more suburb that has taken a hit.
Moreton Bay – North 0.4%
Perth – interior 0.5%
Sydney – Outer South West 0.5%
Australian Capital Territory 0.6%
Sydney – Outer West and Blue Mountains 0.7%
Sydney – japanese Suburbs 1.1%
Adelaide – Central and Hills 1.1%
Brisbane – North 1.1%
Brisbane – East 1.3%
Brisbane – West 1.9%
Adelaide – West 2.0%
Sydney – Ryde 2.3%
People who have saved up know this is the best time to go bargin hunting….