In response to COVID-19, researchers at the City Analytics Lab in the City Futures Research Centre at UNSW Built Environment have developed 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 hotspots on COVID-19 cases 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 per cent in all capital cities since COVID-19 cases started increasing in March 2020.
Sydney total sales have dropped 79 per cent (-$454 million), Melbourne has dropped 85 per cent (-$584 million) in the past eight weeks and Adelaide has the largest proportional loss, down 83 per cent compared with last year. Brisbane is the only market showing a moderate improvement in sales value in April.
Additionally, 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,” commented Professor Chris Pettit, Chair of Urban Science and Director of the City Analytics Lab.
The COVID-19 Property Market Dashboard provides graphs and charts which report on a number of 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, the volume of property sales, market sentiment, and city mobility.
The data is presented alongside the COVID-19 cases reported for each state to assist government, industry and communities understand the current impacts COVID-19 is having on the Australian property market.
“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,” said Graeme Kernich, Chief Executive Officer of partner organisation FrontierSI.
There is also an expectation that dashboards will provide greater accountability of government to communities through increased transparency in city performance, adds Professor Pettit.
“These hopes and expectations are evident in the plethora of dashboards launched to monitor the spread of COVID-19 and the response of governments to the pandemic.”
The COVID-19 Property Market Dashboard for Australia 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.
To view the COVID-19 Property Market Dashboard, please visit: covid19dashboard.be.unsw.edu.au