Prices Rising In Most Key Markets

Posted on 3/07/2018  
Prices Rising In Most Key Markets

Headlines in mainstream media continue to misrepresent price outcomes in real estate markets throughout the nation.

House prices are up in most capital cities and as an average across regional Australia, while the average situation for units is a rise in capital cities and also in regional Australia.

In most cases the annual price increases are moderate, although individual locations are performing well above the average situation portrayed by the generalised data.

But misleading headlines such as “Property prices falling across Australia” are appearing frequently in mainstream media.

This results primarily from the situation in Sydney. According to CoreLogic, the price index for Sydney houses has decreased 6% in the past 12 months. Because of the size of Sydney market, this has dragged down the average for “combined capitals”, which shows a 2.2% drop in the past year.

But Hobart’s house price index is up 14% in annual terms, while Canberra, Melbourne, Brisbane and Adelaide are all higher than 12 months ago, though only moderately. Perth remains down marginally.

The CoreLogic index for regional Australia shows an annual rise of 2.3%, which disguises much stronger performance in individual markets such as Newcastle, Geelong, the Sunshine Coast, Launceston and Ballarat.

 

In terms of the apartment markets, the average situation for the “combined capitals” is a small annual rise, while “combined regional” is also up slightly (1.4% in annual terms).

 

The price index for apartments is up 7% in Hobart, 4% in Melbourne and marginally in both Brisbane and Adelaide. The Sydney index for apartments is down in annual terms, but only by 0.7%.

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