Globally, Covid has continued to impact many economies and many have found themselves fighting a second wave of cases. There have been natural advances globally, whereby countries are now improving identification, reporting systems and stabilising out breaks, which in turn has reduced the number of fatalities.
Australia has seen stabilisation in economic and property market indicators as most states shift toward a “Covid-normal” phase. CoreLogic data revealed that six out of the eight capital cities in Australia recorded a rise in home values over the month, with a 0.1% fall in dwelling values nationally which is the lowest decline since May 2020. Victoria has been the outlier, with the declining health situation underpinning lower consumer confidence and economic activity within the state. In turn, Melbourne was the weakest performing capital city, with values down 0.9% in the month of September. Subsequent to these figures, with the reinstatement of private inspection & pent up demand, we expect these figures to mirror those of the other states.
Read more in our full Market Update Report here