Media commentators appear to be competing to be the first to call “the end of the boom” but the latest price data shows there is still tremendous momentum in house prices.
CoreLogic figures show the average growth nationally in August was 1.6%, which annualised suggests a growth rate around 20%.
Several market jurisdictions recorded growth of 2% or more in August, including Brisbane (2.1%), Adelaide (2.1%), Hobart (2.2%), Canberra (2.4%), Regional NSW (2.0%) and Regional Tasmania (2.8%). Sydney, despite its lockdown restrictions, grew 1.9%.
There’s little evidence of a slowdown in those figures.
In the latest quarter, house prices grew 5.6% nationally, but several markets did better than that, including Sydney (7.1%), Brisbane (6.7%), Adelaide (5.9%), Hobart (6.8%), Canberra (8.2%), Regional NSW (6.5%) and Regional Tasmania (7.5%), while Regional Queensland and Melbourne both managed 5%.
There was also solid uplift in apartment markets, with a national rise of 1.2% in August, 3.8% in the latest quarter and 10.2% in the year to date.
With multiple drivers feeding this upcycle, there’s still plenty of growth to come in Australian property prices.
