Source: CoreLogic
A new report from CoreLogic offers a data-rich retrospective of how housing values, affordability, regional migration, rental trends and market dynamics have evolved post-COVID — and the findings are nothing short of eye-opening.
Housing Values: A Roller Coaster with Record Gains
Since March 2020, national dwelling values have surged 38.4%, adding roughly $227,000 to the median home value. For context, the five years prior only saw a 20.6% rise — a clear sign of how extraordinary this period has been.
After an initial COVID dip of 1.7%, values skyrocketed by 33.1% between July 2020 and April 2022.
A brief correction followed as interest rates climbed, leading to a 7.5% drop, but the market rebounded with a 14.5% rise from Feb 2023 to Oct 2024, despite rate pressures.
Today, the market shows signs of stabilisation, with values flattening into early 2025.
Houses vs Units: Space Remained King
The desire for more space during lockdowns played a huge role in housing trends:
House values rose 44.5% since March 2020.
Unit values only rose 20.1% — a reflection of the early pandemic preference for detached living.
However, affordability pressures have recently shifted some demand back toward units, narrowing the gap in growth.
Rental Market Frenzy: Pressure Builds
Rental values have exploded by +37.6% nationally, outpacing the previous five-year rise of just 6.5%. Key drivers include:
Declining household size (creating more demand per capita).
Surging migration post-border reopening.
Unit rents, which lagged early, caught up with a 14% annual growth peak in April 2023.
Top rental growth markets include:
Perth (+63.9%)
Adelaide (+46.2%)
Brisbane (+40.6%)
Even regional areas saw bigger rent hikes than cities — +42.7% vs +35.8%, respectively.
What’s Next?
As Australia transitions to a post-COVID “normal,” we’re seeing:
Housing values levelling out.
Interest rate relief potentially on the horizon.
A shift in demand dynamics as affordability reshapes preferences.
Still, the long shadow of COVID on property will continue to shape investment decisions, urban planning, and housing policy for years to come.
The past five years have redefined what’s possible in the Australian property market — for better and for worse. Whether you’re a first-home buyer, investor, renter or downsizer, understanding these shifts is crucial in making smart decisions in 2025 and beyond.
If you have any questions or need any information about Australian property, buying Australian property, selling property or looking for property management, you can leave a message or WhatsApp +61 481 988 806 to contact real estate expert, Entre Shield Property, we have the most professional sales consultants to answer any related questions for you!
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