Covid-19’s impact on property values revealed in real-time

By on 28 April, 2020

A new dashboard tracks Australia’s property market performance in real time as the Covid-19 pandemic unfolds. 

The dashboard contains an interactive map of Covid-19 hotspots from state health department data, alongside other property market metrics.

The Australian Property Market Dashboard is a collaboration between UNSW and FrontierSI, through the Value Australia project, a CRC project in partnership with Commonwealth Bank, Property NSW, Liverpool City Council and Omnilink.

“Insights obtained via this dashboard will help Australians make informed decisions as the current status of our health crisis continues to change,” said lead researcher Professor Chris Pettit, Chair of Urban Science and Director of the City Analytics Lab, City Futures Research Centre at UNSW Built Environment.

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The dashboard has already yielded some insight into market response to date.

Total sales in all capital cities has dropped at least 30 percent since cases started increasing in March 2020. Melbourne’s total sales have dropped 85 percent (-$584 million) and Sydney’s 79 percent (-$454 million) in the past eight weeks.

Adelaide has suffered the largest proportional loss at 83 percent compared to last year, while Brisbane is the only capital city showing an improvement in sales value in April.

Material released by FrontierSI indicates that increasing Google searches for real estate are almost back to pre-shutdown levels, combined with an upward trend in clearance rates, may represent early indications that trade is set to increase.

Graeme Kernich, FrontierSI Chief Executive Officer, said that the aim of the dashboars is to provide up-to-date and easy-to-understand insights to assist Australians to better monitor and make more informed decisions in relation to property as the pandemic continues to unfold.

“It will assist in making data-driven decisions, such as being able to explore rezoning options, determining the economic benefits of a development proposal, or even the location of important infrastructure, like new metro or light rail stations,” he said.

You can access the Australian Property Market Dashboard here.

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