Post-Pandemic House Prices up by 30 Percent: CoreLogic

Published on March 11, 2024

House prices across the country have increased by 32.5 percent since the outbreak of COVID-19, a report by CoreLogic has found. This is despite multiple interest rate rises and high inflation, meaning the median value of an Australian house has risen by $188,000 in the last four years. The loosening of restrictions following the outbreak of COVID saw overseas migration reach record highs, which has put pressure on housing supply and thus prices. Rents also increased in the same period, rising by 32.4 percent since March 2020, or an extra $150 per week for a median property. “Net overseas migration trends to have a more immediate flow-through to rental demand and a lagged flow-through to purchasing demand,” CoreLogic’s research director Tim Lawless said. “As net overseas migration slows, we should see rental conditions loosen.”...

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