Brisbane saw house prices nudging up 0.6 per cent over the first quarter to a record $584,778 and lifting 2.1 per cent higher than last year.
However, the city’s unit prices recorded the steepest annual fall in almost two decades, down 4.6 per cent and 9.8 per cent below the 2016 peak.
Despite South Australia holding the highest unemployment rate in the nation, Adelaide was one of only three capital cities to record stable or rising prices for houses and units, along with Sydney and Hobart.
The modest 1.3 per cent annual growth pushed house prices to a new high of $542,418 while unit prices jumped 4.2 per cent over the quarter.
Hobart, which remains heavily exposed to the economic shock of the coronavirus pandemic due to its heady reliance on tourism, saw house prices rise to a new record high over the first quarter of 2020, up 2.2 per cent with unit prices holding.
House prices flatlined over the quarter in Perth with values sitting 14.4 per cent below the late-2014 peak.
“The slow recovery of Perth’s housing market over the past six months could be stalled by the economic fallout from the coronavirus pandemic,” Powell said.
“The ability to pause mortgages will be a lifeline to some homeowners, reducing the number of distressed sales.
“Perth will also benefit from WA’s two biggest exports, with iron ore exports expected to hit a high this year and gold prices at an all-time high.”
In the nation’s capital, values lifted slightly by 0.3 per cent over the quarter while unit’s dropped by 5.2 per cent.
Powell said Canberra would remain somewhat insulated to the economic shock due to its high proportion of government works, where job losses have been minimal to date.
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