House prices lifted by 1.6% in the March quarter 2020 (January-March), coming in below expectations of a 2.5% rise. 

All capital cities recorded a rise in residential property prices with Australia's two largest cities, Sydney (+1.9%) and Melbourne (+2.1%), continuing to lead the rises, according to figures released today by the Australian Bureau of Statistics (ABS).

House prices rose 2.6% in Sydney and 2.3% in Melbourne, while attached dwelling prices (apartments and townhouses) rose 1.5% in Melbourne and 0.8% in Sydney.

ABS Chief Economist Bruce Hockman said estimates were in line with expectations.

"The majority of restrictions relating to COVID-19 came into effect in late March and therefore did not have a noticeable impact on property prices in the March quarter 2020," he said.

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
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5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
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  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000

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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Through the year to the March quarter 2020, residential property prices rose 7.4%, with rises in all capital cities except Perth and Darwin.

The results were lower than what had been expected. NAB had predicted house prices would rise 2.5% and be up +8.1% on a year ago.

AMP Capital chief economist Dr Shane Oliver had forecast house prices for the March quarter would show a rise of 2-3%, but noted the data was a bit dated. 



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