Australian real estate markets continue to show signs of a recovery in housing values ??in capital cities and regional regions in November, according to the latest market update from CoreLogic.
House prices in Australia edged up 0.8% in November. Among the capitals, Canberra and Darwin register the highest monthly gains with 1.9%.
Tim Lawless, head of research at CoreLogic, said housing markets have entered a new recovering trend, following a 2.1% drop in home values ??between April and September.
"The national home value index is still seven-tenths of a percent lower than the level recorded in March, but if home values ??continue to rise at the current rate, we could see a recovery from the COVID slowdown as early as January or February of next year. The recovery in Melbourne, where home values ??remain 5% below their recent peak, will take longer, "he said .
However, regional markets remained superior during the month, posting gains that were double those of the combined capitals. The value of regional homes rose 1.4%, more than the 0.7% increase in the value of capital cities.
During the month, the divergence between the values ??of dwellings and units remains apparent. Home values ??in capital cities continue to push up the overall housing index, rising 1.1%. In contrast, unit values ??of capital cities remained trending downward, falling 0.6%.
"The relative weakness of the unit market can be attributed to factors such as low investment activity, higher supply levels in some areas, and weaker rental market conditions in the regions. main areas of downtown units, ”he said.
The table below shows the price movements in the capital cities.
Top suburbs:
coolbellup
,
toowong
,
upper kedar
,
West Rockhampton
,
West Wodonga
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