Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Australian House Prices See Fastest Growth in a Decade
Similar to Australian House Prices See Fastest Growth in a Decade (20)
Recently uploaded
Recently uploaded (20)
Australian House Prices See Fastest Growth in a Decade
- 1. Australian House Prices See a Record Growth Connolly Suthers
- 2. The Australian housing market saw a positive year in 2019, according to property data and analytics company CoreLogic. The firm released its Hedonic Home Value Index for December 2019, which showed that Australian dwelling values saw a 1.1 per cent increase over December and a 4.0 per cent increase over the final quarter of 2019. Tim Lawless, head of research at CoreLogic, said, “Although the monthly capital gains trend remains fast-paced, the 1.1% rise in December was softer relative to the 1.7% gain in November and the 1.2% rise in October. This would suggest that the pace of capital gains may have been dampened by higher advertised stock levels or worsening affordability pressures through early summer.” In spite of this, the growth in Australian housing prices in the last quarter of 2019 represents the fastest rate of growth of house value since November 2009.
- 3. House Value Growth Across the Country Australian house prices saw an overall 2.3 per cent growth in 2019. CoreLogic’s home value index showed that five of eight capital cities and five of seven ‘rest-of-state’ regions saw a positive change in home values in 2019. The capital cities that lead the increase in home values are Sydney and Melbourne, both seeing a 5.3 per cent growth in house prices. They are followed by Hobart at 3.9 per cent, Canberra at 3.1 per cent and Brisbane at 0.3 per cent. In Darwin, Pert and Adelaide, meanwhile, home values went down over the past year, tracking a 9.7 per cent, 6.8 per cent and 0.2 per cent negative change respectively. Lawless said, “The housing value rebound was spurred on by lower mortgage rates, a relaxation in borrower serviceability assessments, improved housing affordability and renewed certainty around property taxation policies post the federal election.”