Melbourne and Sydney have remained as declining housing market, according to the latest national property clock from valuation firm Herron Todd White.
Two months ago HTW had Melbourne houses starting to decline, with Sydney already deemed a declining market.
There was worse news to come from Sydney’s Central Coast, whose housing market last month was at the bottom of the market.
HTW still believe there’s further to go for the region joining Sydney and Melbourne as a declining market.
Brisbane and Ipswich have however jumped ship straight from declining markets to those starting their recovery this month.
Good news for Sydney’s other popular weekender hotspot, the Southern Highlands, whose housing market has continued to rise. Joined by Mildura who only last month began their recovery.
Hobart, Adelaide and Canberra continued to look strong, with houses at the peak of the market. Geelong has also started to approach the peak this month, joining the Sunshine Coast.
The housing markets in Broome and Bundaberg and the Southern Tablelands are at the bottom joined this month by Albany. Darwin meanwhile has joined Perth among others as it begins it’s housing recovery
With COVID-19 impacting real estate markets nationally, and even globally, valuers at Herron Todd White are asking “Will Spring spring in 2020?”
“The resilience of residential property markets has surprised many this year, with a mix of factors including reduced interest rates and wage support all playing their part,” Herron Todd White’s monthly report advises.
“One Federal Government scheme that originally drew a deal of scepticism was HomeBuilder – a program designed to stimulate the construction industry and protect employment in the building sector.”
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