"Australia's capital cities were on track to experience the fastest housing market recovery on record until COVID-19 stopped the strong rebound dead in its tracks this year, with median property prices not expected to return to 2017 levels before 2025 at least."
"National property prices have fallen for two months in a row."
"The fastest housing market rebound remains the period between 1983 and 1984, which followed the early 1980s recession, after which prices recovered by 10.5 per cent over 11 months."
According to Tim Lawless, CoreLogic's head of research, "normally, a decline and recovery phase generally shows up as a V-shape trend and that was looking to be the case through the middle of 2019 and 2020."
That was, of course, brought to a fairly abruptly halt in March as we started to see the impact of COVID. "In the short term we have more downside ahead of us and there's a lot of debate about how big that downside is going to be. Prices probably won't bottom before the middle of next year ... so it will probably be 2025 at the earliest [by the time prices reach a new high]," he said.
(note: AFR is talking about the general Australian housing market, but remember there are always markets within markets if you want to take a punt with housing)
