With record-high values for Australian dwellings expected in a few months’ time, 2020 will see the fastest market recovery on record. And it’s being led by owner-occupiers, says CoreLogic.
Since national dwelling values bottomed out 8.4% below their peak at June 2019, the Australian dwelling market has quickly recovered 6.7%, says CoreLogic’s Eliza Owen.
“If growth rates continue at the January trajectory, Australia’s dwelling market will make a full nominal recovery by April, marking a 10-month recovery period,” she says.
“This compares to an average recovery time of 11.7 months in previous cycles. This is remarkable when considering the relatively long time it took for the market to bottom-out.”
Owen says housing nance data from the ABS shows much more activity from rst home buyers, upgraders, and down-sizers in this recovery. During the previous upswing – from 2012 to 2017 – owner occupiers accounted for 59% of new housing nance, but over the past seven months this has risen to 71%.