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NSW, Victoria house prices plunged as pandemic took hold, new data shows – Sydney Morning Herald
Home owners rushed to refinance loans as the turmoil unleashed by the coronavirus caused a sharp plunge in property values in NSW and Victoria.
Its first Property and Mortgage Insights report reveals that settlement volumes crashed after the pandemic struck, dropping from 20 per cent year-on-year growth in January to declines in May and June because of COVID-19 lockdowns.
The volume of homes and other real estate changing hands has since steadily recovered, and by the end of September was above 2019 levels, PEXA said.
At the same time, refinancing of mortgages soared from about 20 per cent growth in January to more than 70 per cent in June,…
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