Between the end of March and the end of July, dwelling values across the ACT housing market increased by 1.3%, going against the 1.4% decline across national dwelling values.
"While it may seem counterintuitive that prices are rising across the ACT amid a global pandemic, the property market is actually performing as may be expected when the cash rate is reduced," CoreLogic’s Eliza Owen said.
In terms of dwelling segments, the ACT's housing market is faring better than its unit market. In fact, house values in the territory were are at record high in July, increasing by 8.5% over the year to $721,912.
On the other hand, unit values in July were 3.6% below the record-high reached in May 2010. Still, median unit values increased by 2.7% to $445,135.
Owen said the ACT seems to be relatively insulated from some of the effects of the pandemic.
"Part of this may be because recent case numbers have been low or non-existent. As of early August, social distancing restrictions were easing across the Territory, and the ACT had gone almost one month without reporting new active cases," she said.
|
Area |
Property Type |
State |
Median Price |
Quarterly Growth |
12 month Growth |
Weekly Median Advertised Rent |
Gross Rental Yield |
|
Metro |
Houses |
ACT |
$705,000 |
1.1% |
4.2% |
$570 |
4.3% |
|
Metro |
Units |
ACT |
$440,000 |
1.0% |
2.6% |
$470 |
5.6% |
Source: CoreLogic, August 2020
