COVID-19 Australian Property Market Dashboard maps real-time performance.
In response to the COVID-19 pandemic, researchers in the City Analytics Lab in the City Futures Research Centre at UNSW Built Environment have created a COVID-19 Property Market Dashboard for Australia.
The dashboard provides a current snapshot, updated daily, of how the property market is performing before and during COVID-19. It consists of an interactive map of Australia, identifying the COVID-19 cases hotspots based on data from state departments of health.
As of 22 April 2020, the dashboard reports the total volume of sales across Australia is down $237 million compared to the same time last year. Total sales have dropped at least 30% in all capital cities since COVID-19 cases started increasing in March 2020. Sydney total sales have dropped 79% (-$454 million) and Melbourne has dropped 85% (-$584 million) in the past 8 weeks. Adelaide has the largest proportional loss, down 83% compared with last year. Brisbane is the only market showing a moderate improvement in sales value in April. Auction clearance rates have dropped in all major cities across Eastern Australia, except Canberra.
“It is hoped the insights obtained through the dashboard can assist Australians better understand, monitor and make more informed decisions in relation to property as the COVID-19 pandemic continues to unfold,” says Professor Chris Petit, Chair of Urban Science and Director of the City Analytics Lab.
The COVID-19 Property Market Dashboard provides graphs and charts which report on key property market metrics, including total sales value, median property prices, auction clearance rates, the house value index, performance of the ASX 200 real estate sector, market sentiment and the volume of property sales.
“It will assist in making data-driven decisions, such as being able to explore rezoning options, determining the economic benefits of a development proposal, or even the location of important infrastructure, like new metro or light rail stations,” says Graeme Kernich, Chief Executive Officer of partner organisation FrontierSI.
The dashboard has been developed through the Value Australia project, a CRC-Project in partnership with FrontierSI, Commonwealth Bank of Australia, PropertyNSW, Liverpool City Council and Omnilink.