Four in Five Suburbs Increased in Value
Property values increased in more than 80% of Australia’s house and unit suburbs in the past three months.
Analysis by CoreLogic shows 3714 house and unit suburbs have higher median values than three months ago with only 792 suburbs experiencing a drop.
House markets (83.1% had value increases) performed slightly better than unit markets (80.6%).
Perth had only one house market where values dropped, followed by Adelaide (3), Brisbane (4), Darwin (9), Hobart (18), Canberra (24), Sydney (48) and Melbourne (72).
In regional Australia, Queensland performed the best with values dropping in only 13% of house markets, followed by Western Australia (23%), New South Wales (25%), South Australia (37%), Victoria (59%), Tasmania (60%) and Northern Territory (83%).
CoreLogic Head of Research Eliza Owen says that data broadly reflects continued growth in the Australian housing market, despite high interest rates and weakening economic conditions.
“It’s often noted that Australia is not ‘one housing market’ and we’re currently seeing increased diversity in capital city market performance," she says.
