Unit prices fall nationally with houses hit slightly less: Domain
According to Domain's House Price Report for the June quarter prices on units fell across Australia with houses seeing similar results.
They found, all major capital cities saw unit prices fall across the June quarter; only Adelaide, Canberra and Hobart saw an increase in house prices during this period.
Price falls to date have been minimal from the pre-coronavirus March quarter to June.
Significant government stimulus, mortgage holidays and low interest rates have supported home values, and kept distressed and urgent selling low.
With lenders extending mortgage pauses for those under serious financial strain, and the JobKeeper subsidy being extended, the outlook for prices largely depends upon how well the economy is tracking when fiscal stimulus ends.
“Nationally house prices have dropped by 2 per cent and unit prices by 2.2 per cent over the June quarter."
"This is the first quarter to show the impact of COVID-19, reversing upward price swings in Sydney and Melbourne."
"While most capital cities declined, the falls have been minimal to-date as unprecedented government stimulus, mortgage holidays, low stock levels and record low interest rates shield values from any significant declines, helping to retain stability in the housing market,” said Domain Senior Research Analyst, Dr Nicola Powell.
