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Interesting question Alex,
Although I think during the initial stages of the outbreak house prices may have been flat or perhaps even slightly lower, over the past 12-18 months house prices in Melbourne and I'd suggest most other Capitals and regions have risen significantly higher.
Why would be conjecture, but I'd say that it has something to do with being confined to home, being unable to go on holidays, even the increasing preponderance of people working from home. As a result people realize the value of their homes, not only in dollar, but also in lifestyle terms and want to improve their home lifestyle further by either renovation or trading up via buying/selling. Also in regional areas which might normally be within and outside of commuting distances to cities, I would say that prices have improved further given the increasing realization by both people and organizations that working from home / tele commuting is real possibility in certain jobs.
Best
JA
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