According to the latest CoreLogic report, the Australian Capital Territory is expected to see the performance of the housing and unit markets diverge, as demand for single-family homes remains robust.
Homes and units are experiencing an upward trend across the land, but the former has been a larger force in increasing overall home values. In fact, home values ??rose 7.6% in the April quarter, surpassing the 2.6% gain in unit values.
Housing approvals for construction rose 18.7% to 1,392 in the 12 months to March. The increase in unit approvals was 17.4%, bringing approvals to 4,041.
"The substantial increase in the supply of approved units could lead to a further widening of the divergence between the performance of the home and unit segment. Demand for single-family homes could be constrained by affordability pressures, ”the report says.
Overall, the ACT housing market continued to grow in value, April marking the 20th consecutive month of record value gains.
Sales volume in ACT grew 10.7% over the year through April, while liquidation rates averaged 88.1% per week since the start of the year. This reflects the high demand for housing in the ACT.
"The extremely strong growth in demand for housing in ACT, as in many small capitals and regional markets, has been exacerbated by low listing volumes," the report states.
However, it appears that the volumes of new listings are increasing, which could potentially ease conditions for buyers in the Canberra market.
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