Once again, 2020 will prove that the best time to invest is when the market is falling. Those who took decisive action between April-October will have purchased at the bottom of the market. Kudos to those who took action during this time, in line with our advice. History tells us market retractions are the best time to buy!Some of the more notable outcomes from the year include:
- National property values increased by 3%. A larger increase than in 2019, despite the pandemic.
- Regional cities were the star performers of 2020, increasing in value by 6.9%, driven by the great working from home change and flight to leave cities, where Covid was most prevalent. A significant improvement from the -0.5% growth in 2019.
- Combined capital cities record 2% growth – although not reaching 2019 levels of 3%, but this further confounded many of the so-called experts.
- 7 out of 8 capital cities (all but Melbourne) increased last year. Also beating the 5 out of 8 increase in 2019 when Adelaide, Perth & Darwin recorded value decline. Adelaide & Darwin were star performers this year, and we expect Perth to be in 2021.
- Darwin has the highest capital city growth with 9%, following the 9.7% loss in 2019.
- Other notable results include Canberra at 7.5% growth, Hobart 6.1% & Adelaide 5.9%
