A CLOSER LOOK AT HOUSE PRICE DATA

cent reduction in listings on the market for the financial year ending June 2020 and that the days on market fell by seven, and vendor discount reduced marginally.”

He said by comparing this with the upper quartile in Sydney and Melbourne, it was evident where the real market shifts were occurring.

“In Sydney, Mosman house prices fell 2.5 per cent. Melbourne’s Malvern fell 4.8 per cent.

“So when you calculate a national average for house prices, the result is skewed in a way that makes it look worse than it really is.

“For Australians looking to buy homes in low to middle price ranges, there’s been very little change as a result of the coronavirus pandemic.”

Mr Forest said while some homeowners had shown concerns about what would happen when government assistance packages were wound back in September, he said it was good news that the banks had extended their assistance.

“Based on levels of pre-listing activity across the First National Real Estate network, housing stocks look set to increase in spring but job security and overall economic confidence will be the deciding factor in what happens with home values in the final months of 2020.”