Prices rose by 1.1 per cent in Sydney – compared with 1.7 per cent a month earlier – 0.4 per cent in Melbourne, 0.6 per cent in Brisbane and Canberra, 0.5 per cent in Perth and 2 per cent in Darwin, while values fell 0.2 per cent in Hobart, according to the latest CoreLogic Home Value Index.
“If we look at the minutiae of the data, we can see that about half way through March there was quite a rapid deceleration in the rate of growth,” Corelogic’s head of research, Tim Lawless, said.
According the Financial Review, Mr Lawless said that although the housing market would not be immune to a drop in consumer sentiment and a weaker economy, the extent to which property prices would be affected was unpredictable.
“The wildcard remains the sheer uncertainty of how long this health crisis and associated economic disruption will persist.
“Capital growth trends will be contingent on how long it takes to contain the virus, and whether additional constraints on business or personal activity are introduced.”
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