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National Prices Up 18.4%
House prices have risen by an average of 18.4%nationally in the past 12 months, led by a 20.1%increase in regional markets. The lift in nationalproperty values is the highest recorded since 2004.
The CoreLogic Home Value Index published this week indicates that house prices rose 1.8% in July,with Canberra (3.0%), Brisbane (2.2% and Sydney(2.1%) the leading markets.
In the first seven months of 2021, house prices have risen on average 15.6%, headed by Sydney’s 20.9%increase. All capital cities except Perth have risenat least 12% in the year to date, as have most of the regional markets.
Most markets have increased by at least 5% in the latest quarter. Sydney (8.7%), Hobart (7.3%), RegionalNSW (7.0%), Regional Tasmania (6.6%), Canberra(7.9%) and Brisbane (6.7%) have all deliveredsignificant price rises in the past three months.
“Dwelling sales are tracking 40% above the five-year average while active listings remain 26% below thefive-year average,” says CoreLogic’s Tim Lawless.
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Lockdowns Will Push Up Prices.
Half of respondents to a recent survey believe recent lockdowns will push property prices higher, with 23% indicating that regional property in particular will be boosted. The survey by comparison website Canstar polled 1,024 Australians on their biggest financial stresses and investment opinions.
Asked about the biggest impact lockdowns will have on markets, 23% said a lack of stock will push prices up while another 23% said regional prices will rise as a result of work-from-home policies and the desire for less density. Only 11% predicted lockdowns will slow market activity.
Most said property is still the best investment, with 41% nominating houses as the best asset type and 10% opting for units. Only 18% of respondents said there are better investments than property, while 31% did not know.
“The survey also polled respondents on their biggest financial worries, with 23% citing the rising cost-of- living. Rising property prices were the fourth biggest concern, nominated by 13% of respondents”
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