️ Highlights: Here are the top 5 takeaways from the article:
1. 82.4% of house and unit suburbs in Australia saw an increase in values in the past three months, while 17.6% experienced a decline.
2. The housing market upswing in Australia has become more widespread, with four in five markets showing a rise in values.
3. Capital city markets are performing at different speeds, with Perth being the strongest market, while Hobart and Darwin are flat or falling.
4. Brisbane saw a rise in values in all unit markets analyzed, while only four house markets experienced a decline.
5. Sydney and Melbourne are running at a mid-speed, with slower growth rates compared to earlier in the year. Hobart and Canberra are experiencing relatively flat growth, with declines in certain markets. Regional Queensland and Regional SA are the strongest performing markets.
A Detailed Analysis of the Recent Trends in Australia’s Housing and Unit Markets
CoreLogic’s latest Mapping the Market Report, an interactive tool updated with data up to October 2023, presents a comprehensive overview of the Australian housing market. The report reveals that 82.4% of the 4,506 house and unit suburbs analyzed nationally have seen an increase in values over the past three months. This blog post explores the details of this report and its implications for the Australian real estate market.
Overview of Market Trends
- Broad Growth Across Markets: The report found that 83.1% of house markets and 80.6% of unit markets experienced a rise in values in the past three months. This trend indicates a widespread upswing in the Australian housing market, despite challenges like high interest rates and weakening economic conditions.
- Diversity in Capital City Market Performance: CoreLogic Head of Research Eliza Owen notes the increased diversity in the performance of capital city markets. This diversity is reflected in city-wide growth rates, varying levels of supply, and the different suburbs analyzed in the report.
Detailed City Analysis
- High-Speed Markets: Brisbane and Adelaide are among the cities experiencing significant growth. In Brisbane, all 162 unit markets analyzed saw value increases, while Adelaide saw only a 3% decline in house markets.
- Mid-Speed Markets: Sydney and Melbourne are categorized as ‘mid-speed’ markets, with city-wide capital growth of 2.5% and 1.2%, respectively, in the past three months.
- Flat or Falling Markets: Hobart and Darwin have seen a decline in 41% of house markets. Canberra also shows flat capital growth trends, particularly in the unit market.
Regional Market Conditions
The report also highlights the diversity in regional markets, with Regional Queensland and Regional South Australia being the strongest in house and unit markets, respectively.
Suburb-Level Analysis
The report provides a detailed suburb-level analysis, revealing the percentage of suburbs recording quarterly and annual falls in values across various regions. This analysis offers valuable insights into the specific areas experiencing growth or decline.
A Comprehensive View of the Australian Housing Market
CoreLogic’s Mapping the Market Report offers a detailed and nuanced view of the Australian housing market, highlighting the diversity and complexity of trends across different regions and cities. This information is crucial for investors, homeowners, and policymakers to understand the current dynamics and make informed decisions.