Strong results from recent CoreLogic data revealed that despite COVID-19 panic every Australian capital city had home value increases for the March quarter.
Economists and realestate agents believe Australia’s supportive property owners and solid financial system will help restrict heavy losses despite reports surfacing last week warning house prices may fall up to 30%.
CoreLogic’s head of research, Tim Lawless commented that although purchasing and selling homes would effectively stall for months, the prices would likely be more insulated and that late 2020 might even be a good time to buy property, depending on how the coronavirus pandemic plays out.
“It’s not a financial crisis and our banking system is still solid. We would be in a different position if we didn’t have a strong financial system and things like mortgage repayment freezes,” said Realestate.com.au chief economist, Nerida Conisbee.
This is a brief summary of the article ‘why homeowners should not expect the worst with housing prices amid the COVID-19 outbreak’ by Anthony Keane | The West Australian | Monday, 13th April 2020.