Since April 2020, Australian property prices continued to decline due to COVID-19. However, the prices now have bounced back in October 2020. According to major media sources and research reports, across the capital there was an increase in the prices by 0.2% while regional home values improved by 0.9%.
In Sydney, the property prices grew 0.5% over a month to A$993,927. Apartment prices slipped by 0.5% to A$735,350. On the other side, Melbourne property values declined 0.2% over a month.
In Adelaide and Darwin, the dwelling price jumped 1.2%, Brisbane reported 0.5% growth in dwelling values and Perth by 0.6%. Canberra and Hobart witnessed 1% growth in property prices.