Australian property markets ended 2021 on a high, Brisbane and Adelaide showing no signs of slowing down as values ??continue to hit new highs.
The latest Hedonic Home Value Index from CoreLogic showed monthly gains of 1% and 22.1% annually in home values ??across Australia.
While overall monthly gains have continued to moderate from highs reached earlier in the year, Brisbane, Adelaide and the regional Queensland are the only major areas where there is no evidence of slowing growth in value for now.
House values ??rose 2.9% in Brisbane and 2.6% in Adelaide, which is significantly higher than the gains in Sydney at 0.3%.
CoreLogic Research Director Tim Lawless said these cities have fewer affordability concerns compared to their larger counterparts and have favorable conditions, with Queensland enjoying high migration interstate.
"Additionally, we have not seen the same level of supply response as in other regions with the tendency for advertised supply remaining well below average in these markets, ”he said.
Sydney and Melbourne reported a slowdown in the last month of 2021, with the latter even recording the only monthly drop in house prices at 0.1%.
These two cities recorded their lowest monthly reading since October 2020.
"The increase in the number of recently announced listings through December has been a key factor in reducing the heat in the Melbourne and Sydney housing markets, as well as some headwinds from the demand caused by significant affordability constraints and negative interstate migration, ”Lawless said.
Overall, the combined 0.6% monthly growth in capital cities pales in comparison to the 2.2% gain in regional areas.
Regional housing values ??appeared to have accelerated again, with regional Queensland clearly increasing, with prices in the region increasing by 2.4%.
During the year, however, the strongest regional markets were New South Wales and Tasmania, both of which saw gains of almost 30%.
The most popular regional markets saw home values ??increase by over 30% in the calendar year, with the Southern Highlands and Shoalhaven recording the largest annual increase in home values ??at 37, 7%, followed by the Sunshine Coast of Queensland at 33.7%.
"It is likely that regional markets, especially those with lifestyle appeal, will continue to benefit from higher demand, as remote work policies become more standardized and demand holiday homes remain strong amid international border restrictions, ”Lawless said.
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Photo by @tomchill on Unsplash.
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