Business
Property prices defy pandemic, grow in every capital city except Melbourne in 2020 – Sydney Morning Herald
Capital city property values collectively increased 2 per cent over the year, while country home prices increased 6.9 per cent.
The coronavirus pandemic also changed when people were willing and able to sell, and when the virus hit sales volumes dropped 40 per cent. But by the end of the year there were more sales than 12 months ago, CoreLogic research director Tim Lawless said.
“Record low interest rates played a key role in supporting housing market activity, along with a spectacular rise in consumer confidence as COVID-related restrictions were lifted and forecasts for economic conditions turned out to be overly pessimistic,”…
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