World Health Organisation declared COVID-19 as a global pandemic on 11th March 2020. It has been five years since but the influence of COVID-19 can still be felt on Australian Real Estate.
On a national level the housing values have risen by a cumulative 38.4% and putting this percentage in dollar value, it stands at $227,000 added to the median house value.
The sharpest rise in home prices came in the period of July 2020 to April 2022 where the home values on a national scale witnessed 33.1% jump that too in absence of any migration from overseas.
Next came the rising interest rates which saw a quick decline of 7.5% in national home prices within a short nine months’ time.
Came February 2023 home values started to rise again, and a jump of 14.5 percent was noticed in national values by the end of October 2024. This rise occurred even though the interest rates were high, and supply was low in the market.
With the latest data available it can be seen that the housing value are now making a flat line.
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