House prices rose across the country for the second straight year in November and could exceed their pre-COVID levels in early 2021 if the pace of the current trend continues.
The CoreLogic Home Value Index for November rose 0. 8 percent should be 3. 1 percent higher in the course of the year.
« If real estate values continue to rise at the current rate, the COVID downturn could recover as early as January or February next year, » said Tim Lawless, head of research at CoreLogic.
« The recovery in Melbourne, where home values remain five percent below their recent high, will take longer. «
In Sydney and Melbourne, house values remain at a similar level to early 2017.
« While rising, Perth scores are similar to mid-2006 levels, while Darwin scores are similar to 2007 levels, » noted Lawless.
The stronger performance in Australia’s regional regions continued into November. CoreLogic’s combined regional index saw a monthly growth rate that was twice that of the combined capitals.
Property Price Index, CoreLogic, Australia, Housing, Real Estate
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