Four in five Australian housing markets in growth mode
Poppy Johnston |
Almost every pocket of Adelaide, Brisbane and Perth experienced home price growth over the past three months.
The three capital cities are running at high speed according to CoreLogic’s Mapping the Market report that drills down into home values by location.
The upswing in the Australian residential market has become more widespread over the past three months, with four in every five house and unit markets recording growth.
Still, performance across the major cities and regions was mixed.
The two biggest cities, Sydney and Melbourne, kicked off the recovery from a downturn that began last year but are now growing at a more moderate pace.
Canberra markets have been fairly flat, with most unit markets in decline.
Home values in Hobart moved 0.3 per cent higher in the past three months.
CoreLogic head of research Eliza Owen said property markets were in recovery mode despite high interest rates and weakening economic conditions.
“It’s often noted that Australia is not ‘one housing market’ and we’re currently seeing increased diversity in capital city market performance,” Ms Owen said.
She said there were varying levels of supply in each market, with total listings particularly low in Adelaide, Perth and Brisbane.
“In these cities, total listings levels are low, city-wide capital growth is running a bit over one per cent per month, and migration trends from both overseas and interstate favour more housing demand.”AAP