News

Pandemic impact better than predicted

By Tammy Laval

Australian house price growth outpaced wage growth in the last financial year, data shows

Australian house prices have outperformed wages over the past financial year, pushing homeownership further out of reach for some, new analysis shows.

In every capital city but two, house price growth was stronger in the year to June than wages growth, even despite the COVID-19 pandemic that has seen dwelling prices tumble and pushed the nation into recession.

The Real Estate Market Facts quarterly report for June 2020 has shown an impact on prices from the COVID-19 pandemic, not as dramatic as some predicted, with varying results across Australia and outcomes.

QUICK LOOK:

  • The weighted average median price for houses for the eight capital cities decreased by 2.2 percent to $770,359 over the quarter
  • For the year the weighted average median price for houses for the eight capital cities increased by 5.9 percent
  • The weighted average median price for other dwellings also decreased by 1.9 percent to $592,415 over the quarter

REIA  report detailed in The Real Conversation

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