90% Of Property Markets Rise
Values rose in almost 90% of house and unit markets throughout Australia in the past 12 months.
Analysis by CoreLogic shows national dwelling values are up 8.9%, which based on the median dwelling value ($765,762) is equivalent to $63,000.
It says 88.4% (4087) of the 4625 house and unit markets it analysed experienced increases.
This is a substantial increase from just two years ago (February 2023) when only 39.1% increased.
CoreLogic Economist, Kaytlin Ezzy, says the imbalance between supply and demand means there have been broad-based capital gains in the past year.
“Despite three rate hikes, worsening affordability, and the rising cost of living, the increasingly entrenched undersupply in housing stock, and above average demand thanks to strong net migration, has helped push values higher,” she says.
In Brisbane, every single house and unit market recorded an increase in value. In Perth, 100% of unit markets and 99.7% of house markets were up, Adelaide, 99.7% of unit markets and 98.6% of house markets, Sydney 98.6% houses, 97.1% units and Melbourne, 90.3% of houses and 81.9% units.
