The Australian real estate market has experienced unprecedented growth this year despite uncertainties due to the ongoing pandemic.
CoreLogic's Best of the Best report lists the best performing suburbs for each market indicator.
Market indicator
Houses
Units
Highest median value
Bellevue Hill (NSW)
$ 8.74m
Point Piper (NSW)
$ 3.22 million
Most affordable median value
Kambalda East (WA)
$ 90,155
Woree (Qld)
$ 158,846
Fastest annual growth in values ??
St. Andrews Beach (Vic)
58.6%
Yamba (NSW)
56.6%
Highest rental yields
West Kambalda (WA)
14.7%
Woree (Qld)
10.7%
Biggest annual rent increase
Bicheno (Tas)
40.9%
Narooma (NSW)
33.7%
Eliza Owen, head of research at CoreLogic, said the Australian real estate market was able to post solid gains during the pandemic, with all real estate reaching a record value of $ 9.4 billion in the year to November.
"The strong performance of the housing market over the year was driven by multiple factors including low interest rates, household fiscal and institutional support, high household savings and relatively low levels of reported stock, ”Ms. Owen said.
“Housing turnover rates were also relatively low for a few years before these factors boosted housing demand, which may also explain the high volume of sales over the past 12 months, which in November was 32.6% higher than the annual average for the decade. ”
Overall, house prices rose 24.6% year-on-year through November, while unit prices rose 14.2%.
In terms of location, the values ??of regional dwellings showed a stronger growth of 25.2% than the 21.3% of the capitals.
Ms. Owen said the popularity of regional housing markets continues to be a common theme.
"The peaceful coastal suburb of Yamba, in the Coffs Harbor-Grafton area of ??New South Wales, had the strongest annual growth of suburban units across Australia," a she declared.
Other regional suburbs that have posted remarkable annual house price increases are Geelong (house prices up 41.7%), Fraser Island to Wide Bay (house prices up 48.2%) and Campbell Town in Tasmania (house prices up 50.5%).
"This may be in part attributable to how COVID-19 has continued to shape demand trends, with coastal or lush green environments being more desirable as some workers have been allowed to work remotely," said Mrs. Owen.
Ms Owen said it was important to also recognize the slowdown in the housing market boom in the second half of the year, which was due to several factors, including the increase of registrations and growing concerns about affordability.
"The constraints of slightly tighter credit conditions, erosion of housing affordability, and a higher level of listings added to the market are expected to result in lower growth rates of the property values ??in 2022, "she said.
“These forces are an accumulation of headwinds for the performance of the real estate market. Lower growth rates are likely to coincide with decreased buying, where sales and listings activity eventually moves with price dynamics. "
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Photo by @centelm on Unsplash.
Top Suburbs:
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