Australia’s housing market increased in value in 2020, despite the drag on activity caused by the outbreak of coronavirus.
The national home value index rose three per cent over the year to a median price of $574,872, according to CoreLogic.
Values in regional areas led the way with a 6.9 per cent increase for a combined median of $420,502, compared to two per cent for major capital cities with a combined median of $651,983.
Melbourne was the only capital city to finish the year underwater – albeit on a relatively healthy median price of $682,197 – after battling two waves of outbreaks of COVID-19.
The most expensive city was Sydney, with a median value of $871,749, and the cheapest was Darwin on $416,183.
CoreLogic research director Tim Lawless said record low borrowing rates supported the market in 2020, along with a “spectacular” rise in consumer confidence.
Confidence was buoyed in the latter months of the year as COVID-related restrictions and border constraints began to be lifted.
“Containing the spread of the virus has been critical to Australia’s economic and housing market resilience,” Mr Lawless said on Monday.
CHANGES IN CAPITAL CITY HOME VALUES IN 2020:
* Sydney – 2.7pct
* Melbourne – down 1.3pct
* Brisbane – 3.6pct
* Adelaide – 5.9pct
* Perth – 1.9pct
* Hobart – 6.1pct
* Darwin – 9pct
* Canberra – 7.5pct