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Australian Home Price Growing Fastest Over Past 20 Years
Australia’s property prices are growing at the fastest rate recorded in close to 20 years, but the market is beginning to lose some momentum, according to a report on 5th July from CoreLogic. Home values nationwide reached a
BY
Realty Plus
Published - Thursday, 08 Jul, 2021
Australia’s property prices are growing at the fastest rate recorded in close to 20 years, but the market is beginning to lose some momentum, according to a report on 5th July from CoreLogic.
Home values nationwide reached a median A$645,454 (US$483,422) in June, an increase of 1.9% from May, and an annual jump of 13.5%, the report said, adding that houses in particular, rather than apartments, underpinned those gains.
“This is the highest annual rate of growth seen across the Australian residential property market since April 2004, when the early 2000s housing boom was winding down after a period of exceptional growth,” Eliza Owen, CoreLogic’s head of research for Australia, said in the report. “However, there are some markets where performance is starting to ease more notably.”
Across the country’s capital cities, Darwin the capital of Australia’s Northern Territory, led in yearly price gains with values rising 21% annually in June and leaving the median price in the city at A$475,083. Property values in Hobart the capital city of the island state of Tasmania, followed closely behind with a 19.6% annual increase, pushing the median price to A$607,960.
Canberra, Sydney and Adelaide rounded out the top five. But despite the strong yearly performance, “there are signs that some heat is coming out of the market,” as monthly price gains lose momentum, the report said. Not limited to the overall housing market, slower growth rates are also appearing at the high end, or the top 25%, of the market.
“This easing in the pace of growth at the top end of the market is another clear sign of a shift in momentum,” Owen said. “The rest of the market tends to follow movements at the high end, and this is the first time in nine months that the high-tier growth rate has not accelerated.”
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