Insights

It was great to see the housing market continue to build momentum throughout December to finish strongly for 2020. In Melbourne, home values rose a further 1% – the third consecutive monthly rise since the dip between April and September.

Despite the effects of Covid, residential property sales finished 8% above this time last year, thanks in part to the swift and strong economic response from the Government which drove a flurry of buyer activity in the final quarter of 2020.

With many homeowners using the pandemic as a catalyst for a sea or tree change, regional Victoria was the big winner of 2020. It recorded incredible capital growth across the year, with a huge 5.6% rise in dwelling value in 12 months.

While the market is gathering pace and all signs point to continuing growth, Melbourne housing prices still remain 4.9% below their March peak. Despite this, industry sentiment remains positive and we look forward to a strong 2021.