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Friday, 1 May 2020

April housing market report (CoreLogic)

Steady as she goes

Housing prices increased by +0.3 per cent in April according to CoreLogic. 

The biggest influence on the index in Sydney, where prices increased by +0.4 per cent, to be +3.2 per cent higher over the quarter, and +14.3 per cent from a year earlier. 

Sydney house prices were up +0.3 per cent, and unit prices were up +0.6 per cent. 

Brisbane recorded a +0.3 per cent increase. 

Two capital cities recorded modest declines, being Melbourne and Hobart.

Source: CoreLogic

Deep freeze

Prices were fairly steady in April, but that's about all of the positive market news, with sales activity dropping sharply. 

With open homes and public auctions not taking place, agents are having to work hard to get sales across the line right now. 

Source: CoreLogic

New listings are drying up, running at the lowest level in years.

Source: CoreLogic

And residential construction is slowing dramatically.

Given the resi construction sector can employ around ¾ million people there may be a need for some huge infrastructure projects to plug the hole left in the economy.

The rental market is under pressure as Airbnb lets are re-listed on the wider rental market. 

You can download CoreLogic's full monthly report here.