Earlier this year, in May 2020, there were statements that property prices could drop by 20%.
This caused a lot of excitement for prospective buyers at the time.
What has happened though?
Australian Property Prices still Rising.
Most cities have continued with increasing median prices, ranging from annual increases of 1.6% in Melbourne, Victoria to 15.7% in Hobart, Tasmania.
| Capital City | Sep-20 | QoQ Change | YoY Change |
| Sydney | $1,154,406 | 1.2% | 6.8% |
| Melbourne | $875,980 | 0.0% | 1.6% |
| Brisbane | $596,316 | 0.4% | 3.7% |
| Adelaide | $564,927 | 2.8% | 6.8% |
| Canberra | $817,810 | 3.5% | 9.8% |
| Perth | $534,336 | 0.5% | 2.4% |
| Hobart | $555,754 | 6.9% | 15.7% |
| Darwin | $539,463 | 6.6% | 7.2% |
| National | $811,966 | 0.9% | 4.6% |
Source: Domain House Price Report.