FEAR & GREED | Business News Interview: How five years changed property forever
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Mar 16, 2025 Tim Lawless, Head of Research at CoreLogic, shares his insights on the transformation of the property market over the last five years. He discusses the dramatic rebound following the pandemic, with property values skyrocketing by nearly 40%. Tim explores the differences in growth between houses and units, highlighting a significant 44% increase for houses. The conversation also covers post-COVID migration trends and future market predictions, emphasizing affordability challenges in major Australian cities.
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Property Market Volatility
- Australian home values rose nearly 40% since the pandemic began, but the market experienced volatility.
- Initial fears of market collapse in early 2020 led to a small dip, followed by a surge due to policy support.
Diverse Market Performance
- Some cities, like Sydney and Melbourne, peaked in early 2022 due to affordability issues and interstate migration.
- Other markets, like Perth, Brisbane, and Adelaide, continued rising into 2023, demonstrating market diversity.
Housing Market Influencers
- Interest rates are important, but other factors influence housing markets, like macro prudential policies and population growth.
- The 2023 market lift highlights the importance of supply, especially given low advertised and newly built supply.