New CoreLogic data: Property Boom on the horizon?

Property prices trending up

For the first time in five months, property prices across the nation have moved back to growth following several months of marginal decline as a result of COVID-19. 

According to the CoreLogic October dwelling report, the value of residential properties increased 0.4% over the month of October. This ended what was an incredibly short period of decline across property markets – a remarkable feat given COVID-19 has arguably been the biggest economic shock in a century.

 

 

New listings nationally have also increased by a substantial 25.2% in the month of October. Impressively, despite this large spike of new property listings, the total amount of listings still remains low, only seeing a 1% increase in total stock levels. 

This means that new listings by sellers are very quickly being absorbed by the number of buyers in the market, demonstrating there is strong demand underpinned by growing consumer confidence. 

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