Adelaide’s median property value recorded a slight increase in July, latest CoreLogic data shows.
Adelaide property values are back on the rise after a brief period of decline in the wake of the nationwide coronavirus-led market downturn.
CoreLogic’s latest home value index reveals the city’s median property value climbed 0.1 per cent in July to $441,826.
It comes after a 0.2 per cent drop in June, 0.4 per cent increases in both May and April and a 0.3 per cent increase in March.
Adelaide was one of two capital cities across the country to record growth, albeit slight, in July, with Canberra notching a 0.6 per cent increase.
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Melbourne recorded the largest decline in July at 1.2 per cent, followed by Sydney (0.9 per cent), Perth (0.6), Brisbane (0.4), Darwin (0.3) and Hobart (0.2).
Real Estate Institute of South Australia president Brett Roenfeldt said strong demand for limited properties on the market was still holding values up in Adelaide.
“Everything hinges on the amount of listings on the market,” he said.
“As long as the stock level remains at roughly the level it’s at, then we’re probably going to see this continue.”
Mr Roenfeldt said traditionally the number of properties for sale would surge during spring, but he didn’t think that would happen this year as agents urged vendors to list their homes now while demand was hot.
REISA president Brett Roenfeldt.
“We’ll probably see a little bit more come into the market but it’s going to be nowhere near where we’ve seen in the past,” he said.
“I think that our market will be … very stable.”
Nationally, the median property value fell for a third consecutive month, recording a 0.6 per cent decline to $552,912 in July – a slight improvement from June’s 0.7 per cent drop.
CoreLogic research head Tim Lawless said despite the collective fall, housing markets had remained relatively resilient through the COVID-19 crisis so far.
“The impact from COVID-19 on housing values has been orderly to date, with CoreLogic’s national index falling only 1.6 per cent since the recent high in April, and housing turnover has recovered quickly after its sharp fall in late March and April,” he said.
However, he said with government support set to taper from October and repayment holidays set to expire at the end of March, the outlook remained uncertain.
The post Adelaide property values on the rise again despite COVID-19 downturn appeared first on realestate.com.au.