Australian property market is getting into spring selling season and property prices continue to surprise everyone as it continued to grow throughout the year. Most of the capital city suburbs have seen strong growth despite 12 interest rate rises, high inflations and reduce borrowing capacity. Regional housing areas has mixed performances, some areas growing in double digits.
Which capital cities has seen the highest growth YTD
According to CoreLogic recent report, Sydney houses has seen the highest growth of 8.30% this year however for units Brisbane units have performed the best at 5.90% this year. Perth city has also seen steady growth of 5.00% for houses and 4.40% in units.
Capital city suburbs with highest 12 month value growth
Some of the suburbs around the country with strong growth in last 12 months.
- Mandurah (WA) – 12.20%
- Armadale (Perth – South East) – 11.10%
- Rockingham (Perth – South West) – 11.10%
- Playford (Adelaide North) – 10.50%
- Gawler/Two Wells (Adelaide – North) – 9.80%
- Gosnells (Perth – South East) – 9.60%
- Kwlnana (Perth – South West) – 9.40%
- Salisbury (Adelaide – North) – 8.90%
- Marrickville/Sydenham/Petersham (Sydney – City Inner south) – 8.90%
- Serpentine/Jarrahdale (Perth – South East) – 8.40%
Regional areas with the highest 12 month value growth
Along with capital cities, some regional towns and suburbs also seen high growth in last 12 months.
- Murray and Mallee (South Australia – South East) – 11.40%
- Limestone Coast (South Australia – South East) – 10.90%
- East Pilbara (Western Australia – Outback North) – 10.30%
- Yorke Peninsula (SA – Barossa – Yorke – Mid North) – 9.20%
- Barossa (SA – Barossa – Yorke – Mid North) – 9.10%
- Fleurieu/Kangaroo Island (South Australia – South East) – 8.7%
- Bunbury (Western Australia) – 7.0%
- Port Douglas/Daintree (QLD – Cairns) – 6.5%
- Manjimup (QLD – Bunbury) – 6.4%
- Eyre Peninsula and South West (South Australia – Outback) 5.9%
- Rockhampton (Central Queensland) – 5.5%
Market Trend
According to CoreLogic, the trend in housing values although generally positive, is diverse. At the other end of the scale, some other capital cities are better described as flat, with Hobart home values unchanged since stabilising in April, while values across the ACT have risen only mildly, up 1.0% since a trough in April. These are also the only two capital cities where advertised supply is tracking higher than a year ago, suggesting a rebalancing between buyers and sellers is a key factor contributing to the stability of values in these regions. Within the capital cities, it is generally house values rather than unit values that have showed a sharper recovery trend.
Conditions across regional housing markets were mixed. Coolangatta home values surged 6.2% over the past three months, followed by the Sunshine Coast Hinterland (5.8%) and Gold Coast North (5.6%). Strong internal migration into these areas is likely to be a key factor supporting housing demand and housing values in these areas.
Should I buy now or should I wait?
Although there were predictions earlier this year and last year of dwelling prices to soften due to interest rate rises and inflations, the market has continue to grow in most of the capital cities. Buyers who decided to wait earlier this year would be paying much higher prices if they want to get into property market now at most of the capital cities. There are many other things that determine property prices and performance such as the economy, supply, population growth, employment levels, consumer confidence and availability of credit. We suggest you do your research, analyse report and data, review areas and speak to professionals before buying a property.
If you are in a market buying property and need assistance with home loans, loan structures, credit please contact our mortgage broker Anup on 0415900264.
Please note the information contained in this article is general in nature and does not take into account your personal situation.
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