The top 7 ways COVID changed the Australian property market
The closed borders and construction delays were just some of the pandemic-induced effects on the local property market
The closed borders and construction delays were just some of the pandemic-induced effects on the local property market
CoreLogic research director Tim Lawless has revealed seven ways in which COVID changed Australian housing market trends.
“It was four years ago when the World Health Organisation declared COVID-19 a worldwide pandemic,” Mr Lawless said. “Since that time economic trends, including housing metrics, have been on a rollercoaster ride. Although lockdowns and the uncertainty of vaccination programs are well behind us, the legacy of COVID will be with us for a long time yet.”
Australia’s home price median surged 32.5% between March 2020 and February 2024, providing an incredible uplift of approximately $188,000 for homeowners in just four years. Housing values initially dipped when COVID hit but then surged 30.8% higher to a cyclical peak in April 2022. The market slumped 7.5% as interest rates rose, but as supply dried up and migration spiked, housing values entered a new growth cycle in February 2023 and have since risen 9.5% to date.
Mr Lawless said house values have increased by 37.9% while unit values have risen 16.5%, reflecting buyers’ preference for more space during COVID, and the ability to work from home allowing them to move to city outskirts or regional areas where they could afford a house. This led to regional home prices rising faster than capital city values. Today, regional prices are up a collective 47.6% compared with a 28.5% rise in capital city prices.
Mr Lawless said rental markets have tightened substantially, with vacancy rates holding around 1% and weekly rents surging. Nationally, rents have jumped 32.4% since March 2020, adding approximately $150 per week to the median weekly rent.
Mr Lawless said emergency low interest rates stimulated demand but in May 2022, when the Reserve Bank began increasing rates to fight inflation, market activity was quickly quelled.“So far borrowers have navigated higher mortgage rates much better than expected with mortgage arrears holding below pre-pandemic levels,” Mr Lawless commented.
Mr Lawless said unprecedented peacetime fiscal stimulus, low interest rates and stronger global demand once COVID restrictions were lifted created higher inflation. This was exacerbated further by global supply chain disruptions due to the war in Ukraine. “Inflation is now beating forecasts, fuelling speculation we could see rate cuts later this year,” he said.
Strong employment is seen as a crucial factor in keeping the property market stable. Once lockdowns ended and social distancing measures were eased, the jobs market tightened significantly. “Although labour markets are now loosening, RBA forecasts have the unemployment rate holding below 4.5% through to at least mid-2026,” Mr Lawless said.
One factor keeping housing demand strong throughout the pandemic, despite closed borders, was the average household size shrinking as more people bought or rented houses, Mr Lawless explained. Since international borders reopened, record high overseas migration led by students has added massive new demand, particularly in the rental market.
Low supply of homes for sale and fewer homes being built during COVID resulted in the unusual situation of housing values increasing at the same time as interest rates.
“Dwelling completions have held relatively flat through the pandemic to date, with supply chain constraints, materials and labour shortages, and a surge in construction costs creating a challenging environment for delivering new housing supply,” Mr Lawless said.
Australian actor Chris Hemsworth has joined Archie Rose Distilling Co. as co-owner and strategic business partner as the Sydney spirits company prepares to enter the United States. The partnership brings Hemsworth together with Archie Rose founder Will Edwards, with the pair aiming to build greater international recognition for Australian whisky. Founded in Sydney in 2014, …
Continue reading “Chris Hemsworth Joins Archie Rose as Co-Owner Ahead of Global Expansion”
Porsche has revealed a one-off 911 GT2 RS that brings the extraordinary silhouette of its 935/78 “Moby Dick” racing car onto the road. Created by Porsche Sonderwunsch with Manthey, the commission began with a near-new GT2 RS. The owner requested greater performance, a Slantnose profile and a rear wing influenced by the limited 911 GT3 …
Continue reading “Porsche Builds a Road-Going “Moby Dick” From a 911 GT2 RS”
One of Burleigh Heads’ most architecturally significant penthouses has hit the market for the first time since its completion five years ago.
The listing provides the first real look inside the two-level penthouse crowning Norfolk, Forme’s award-winning Goodwin Terrace development which was completed in 2021.
The penthouse sold off the plan for $5.35 million around 18 months before construction was completed and has remained tightly held ever since, meaning its resale offers the first insight inside one of Burleigh’s most architecturally impressive apartment buildings.
The four-bedroom residence spans approximately 461 sqm, comprising 276 sqm of internal living and a further 185 sqm of outdoor space across its two levels.
Its position on Goodwin Terrace gives the penthouse one of the Gold Coast’s comparatively rare true north-to-water aspects, with views stretching from Burleigh Headland along the coastline towards the towers of Surfers Paradise. Floor-to-ceiling glazing has been used extensively throughout the residence, framing the ocean outlook from almost every principal living space.
Forme, led by Managing Director David Calvisi, acquired the prime 1,012 sqm site, formerly home to The Fish House restaurant, before developing Norfolk as the first new multi-residential project delivered on Goodwin Terrace in around three decades.
The strength of the location was clear. The more unusual proposition was the building itself.

Forme appointed Koichi Takada Architects to design the 10-level development, marking the practice’s first Gold Coast building. Rather than treating Norfolk’s beachfront setting as a backdrop, Takada used the Norfolk Island pines along the foreshore as the basis for the architecture.
Curved balcony slabs and horizontal battens create the building’s distinctive layered exterior. Sliding timber screens can be repositioned for privacy, shade and protection from the coastal conditions, continuously changing the appearance of the façade.

Takada has compared the concept to the structure of a pinecone, whose overlapping layers open and close according to environmental conditions. In an earlier account of the project, the architect said the objective was to celebrate the site and create a stronger connection between the residences and the elements outside.
The response helped turn Norfolk into an architectural marker for Burleigh’s transformation.
Norfolk comprises 12 half-floor apartments, two dual-level penthouses and one two-level beach house. MIM Design created the interiors, Hutchinson Builders undertook construction and Plus Architecture supplied documentation services for the builder.
Inside Residence 901, MIM Design’s restrained palette brings together timber, natural stone and tailored joinery without competing with the outlook. Travertine surfaces have subsequently received paint-protection film, while the home is being offered with a custom furniture package.
A private lift opens directly into the main living level. Living, dining and media spaces are arranged along the view, accompanied by a concealed bar and a broad north-eastern terrace.
The kitchen has an oversized stone island, European appliances and bespoke cabinetry, supported by a butler’s pantry and separate scullery. An integrated RTI system controls lighting, climate, fans, security, entertainment and audio using in-home touchscreens or a smartphone application.
The principal suite occupies a private wing with ocean views, a dressing room and ensuite. Two additional bedrooms have their own ensuites, while a fourth bedroom can operate as an executive study. A concealed Murphy bed allows that room to accommodate guests when required.
The rooftop is what moves the residence beyond even a generously proportioned beachfront apartment.
Reserved exclusively for the penthouse, it contains a heated lap pool, landscaped gardens, several entertaining areas and an alfresco kitchen with a built-in barbecue. An integrated outdoor cinema allows the rooftop to function as an open-air screening room above the Pacific.

Four side-by-side secure car spaces, dedicated electric-vehicle charging and private storage address practical constraints often encountered by prestige-apartment buyers. The parking allocation is particularly relevant for owners moving from a large house or maintaining a car collection.
Norfolk’s wider amenities include a beach-club-style residents’ area, swimming pool, gymnasium and sauna. Burleigh Beach is directly opposite, while James Street, Burleigh Head National Park and restaurants including Rick Shores and The Tropic are within walking distance.
The building’s reputation has also moved well beyond its beachfront address. Norfolk received both jury and popular-choice honours in the mid-rise multi-unit housing category at the 2022 Architizer A+Awards. It won a Queensland Australian Institute of Architects award for multiple housing and was named the 2022 Medium-Density Residential Development of the Year by The Urban Developer. Further recognition came from the Master Builders awards and Architecture MasterPrize.
Calvisi later said the aim with Norfolk was to produce something the Gold Coast had not previously seen.
The penthouse is being marketed through expressions of interest by Dean Pegoraro of Whitefox Gold Coast.
As the season turns, Handpicked Wines’ latest Pinot Noir and Chardonnay releases reveal how subtle shifts in place shape what ends up in the glass.
From bushland greens to valley reds, the country’s most awarded designers are proving that the best colour palette was never on a swatch card; it was outside the window all along.