Houses in nearly six out of 10 Sydney suburbs are poised to retain at least some of their pandemic gains as the market continues to stabilise, despite the sharp fall in prices in the past 12 months, data from CoreLogic shows.
Houses in nearly six out of 10 Sydney suburbs are poised to retain at least some of their pandemic gains as the market further stabilises despite the sharp fall in prices over the past 12 months, data from CoreLogic shows.
Suburbs were likely to retain their COVID-19 gains if house prices stayed at least 10 per cent higher than when the pandemic began in March 2020, said CoreLogic head of research Eliza Owen. House values in more than nine out of 10 suburbs in Perth, Hobart and Darwin are likely to stay above pre-pandemic levels, but only 10 per cent will do so in Melbourne because of their smaller gains in the past three years.
In Brisbane, the top performers were led by Boonah, Russell Island, Delaneys Creek and Cedar Vale, which notched up more than 54 per cent price increase each in the past three years. Despite Brisbane’s 11 per cent fall from the peak, prices are still up 26.2 per cent after values soared by 42.7 per cent during the pandemic.
“There’s no denying the fact that housing market values have stabilised over the past month, so it seems that the tailwinds of mismatch supply and demand are winning out at the moment,” Ms Owen said.
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