The latest CoreLogic Home Value Index is out for January 2020, which ASX shares would be a good buy after the results?
According to the data, Australian national dwelling prices rose by 0.9%. In a very positive update for the country, every capital city recorded an increase in price. Indeed, every regional area (except regional South Australia) saw dwelling price growth as well.
This is a sign that the property market recovery which started in Sydney & Melbourne in mid-2019 has now spread to the whole country.
Australia's biggest property markets, Sydney and Melbourne, saw price growth of 1.1% and 1.2% respectively over the month. Hobart house prices went up by 0.9% and Brisbane saw prices go up 0.5%.
Looking at the other cities, Canberra prices rose 0.3% and Adelaide prices went up 0.2% whilst Perth and Darwin both saw growth of 0.1%. That's not much of an increase, but Perth and Darwin have seen years of declines, so a slight increase is welcome.
Brisbane, Adelaide, Hobart and Canberra house prices are now the highest they've ever been, but Sydney is still 5.4% lower than its peak and Melbourne is 1.2% lower than its peak.
What about ASX shares?
Worries about the coronavirus are distorting what property shares may have done on a normal day. But, let's take a look:
The REA Group Limited (ASX: REA) share price is down 1.7%.
The Domain Holdings Australia Ltd (ASX: DHG) share price is down 0.5%.
The McGrath Ltd (ASX: MEA) share price is flat.
The Stockland Corporation Ltd (ASX: SGP) share price is down 0.5%.
The Brickworks Limited (ASX: BKW) share price is down 0.3%.
The Commonwealth Bank of Australia (ASX: CBA) is down 1%.
Foolish takeaway
Property seems like it will have a positive year in 2020, though there's a good chance that growth will slow as affordability becomes a limiting factor again.
