Property values remain higher than they were a year ago despite the economic impacts of Covid-19, according to the latest CoreLogic Home Value Index. For the first time since June last year, the combined value of houses and apartments dropped in May – but only 0.4%, to a national median price of $557,818. This follows small increases in both March and April. With the exception of Perth and Darwin, prices for houses and units in the capital cities remain higher than in May 2019. Not all cities recorded price falls in May – Brisbane, Adelaide, Canberra and Hobart all registered modest increases ranging from 0.4% to 0.77%.

CoreLogic head of research Tim Lawless says: “Considering the weak economic conditions associated with the pandemic, a fall of less than half a per cent in housing values over the month shows the market has remained resilient to a material correction. “With restrictive policies being progressively lifted or relaxed, the downwards trajectory of housing values could be milder than first expected.”