Data from the April Home Value Index presented by CoreLogic shows that though there has been a notable decline in housing market activity, home values remained stable.
Head of Research for CoreLogic Tim Lawless, believes Perth’s market is more likely to recover faster than any other Australian capital cities due to a large minerals sector jobs market and an economic detachment for eastern states meaning many wages were not reliant on heavily affected industries such as hospitality, art and entertainment.
Mr Lawless also commented on Western Australia’s quick response and performance in fighting against COVID-19 and with the staggering of reopening businesses would play a big part of in a quicker recovery.
“The economic trends for WA showed lower unemployment rates, higher job growth, housing demand less reliant on overseas migration and sheer affordability. The Perth market seems largely insulated from a material downturn and in the six months before the end of April, values didn’t fall’ said Mr Lawless.
This is a brief summary of the article ‘Quick recovery on the cards’ by Tamra Carr | The West Australian – West Real Estate | Saturday May 9th, 2020.