The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
22 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 500 ALREADY ATTENDING
22 DAYS UNTIL OUR FLAGSHIP CONFERENCE 500+ ALREADY ATTENDING
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
9
print
Print
ResidentialRenee McKeownThu 01 Apr 21

Cities Take Back Top House Prices

b3a06429-ca2c-4f9c-b332-4dc1ffca4cd3

For the first time in more than a year house prices in cities outperformed regional areas in much of Australia.

Dwelling values increased 2.8 per cent in March, the fastest appreciation rate since 1988, according to Corelogic’s national home value index.

The capital cities combined recorded a 2.8 per cent lift in March compared to a 2.5 per cent gain in the combined regionals index.

Sydney led in regards to capital gains, up 3.7 per cent during the month and 6.7 per cent higher in the quarter.

Melbourne was the only city not to keep pace with regional growth, up 2.4 per cent compared to the regions' 2.6 per cent.

Brisbane was behind the two largest cities, rising 2.4 per cent for the month and 4.8 per cent for the quarter.

House prices rise at fastest pace in 32 years

LocationMonthQuarter YearMedian Value
Sydney3.7%6.7%5.4%$928,028
Melbourne2.4%4.9%0.7%$736,620
Brisbane2.4%4.8%6.8%$548,260
Adelaide1.5%3.2%8.6%$486,555
Perth1.8%5.0%6.0%$505,850
Hobart3.3%7.6%12.5%$548,868
Darwin2.3%5.4%14.2%$451,408
Canberra2.8%6.0%12.1%$727,032
Capitals2.8%5.6%4.8%$693,936
Regional2.5%6.3%11.4%$448,819
National2.8%5.8%6.2%$614,768

^Source: CoreLogic national home value index

Corelogic research director Tim Lawless said the latest results showed a change in the market.

“Housing values in regional areas are 11.4 per cent higher over the past year, demonstrating the earlier stronger growth trend; capital city values are now 4.8 per cent higher on an annual basis with the acceleration in growth evident in March,” he said.

Lawless said it also showed a remarkable recovery for Melbourne and Sydney which had staged a recovery from earlier downturns.

“Sydney dwelling values are now 2.6 per cent higher than their July 2017 peak, a remarkable recovery considering the -14.9 per cent drop in values through to May 2019 and the further -2.9 per cent fall throughout the Covid-19 downturn,” Lawless said.

“Similarly, Melbourne housing values have recovered from the -11.1 per cent fall between 2017 and 2019, and the -5.6 per cent drop in values through the worst of the Covid related downturn to set a new record high in March.”

The high-density market turned a corner in March but was still outpaced by lower density properties.

Unit prices start to rise

LocationUnit monthly changeUnit annual, median priceHouse monthly changeHouse annual, median price
Sydney2.1%0.2% $755,3604.3%7.7% $1,112,671
Melbourne1.7%0.9% $539,1212.6%0.4% $859,097
Brisbane1.0%1.9% $400,8662.6%7.9% $607,969
Adelaide0.6%5.1% $350,2441.6%9.1% $518,692
Perth1.7%4.0% $385,2651.8%6.3% $527,833
Hobart4.9%11.2% $453,7263.0%12.8% $584,974
Darwin3.4%9.8% $302,8201.9%16.3% $519,575
Canberra0.7%5.8% $485,8873.3%13.9% $819,707
Combined Capitals1.9%1.1% $592,1543.1%6.0% $747,639

^ Home values by type. Source: Corelogic national home value index

Across the combined capitals, the quarterly growth rate for houses at 6.5 per cent more than double that of unit prices, which rose 3.1 per cent.

“Despite the underperformance, unit markets have turned a corner, with Sydney recording two consecutive months of rising values,” Lawless said.

“While the Melbourne unit market has seen values consistently rising since October last year, the trend has accelerated in recent months,” Lawless said.

ResidentialAustraliaBrisbaneMelbournePerthAdelaideCanberrado not useDarwinHobartSector
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
View All >
Residential

Thirdi Lifts Covers on 500-Home Precinct at Gladesville

Lindsay Saunders
An artist's impression of the Wallis Cinemas' proposed hotel
Hotel

Wallis Cinemas Plots 100-Key Hotel for Adelaide Hills

Leon Della Bosca
Newstead Frasers Revised DA hero
Development

Frasers Property Pivots Newstead Plans to Twin Towers

Phil Bartsch
The project redesign signals a strategic rethink by the Singapore-listed developer in response to planning policy shifts…
LATEST
Residential

Thirdi Lifts Covers on 500-Home Precinct at Gladesville

Lindsay Saunders
2 Min
An artist's impression of the Wallis Cinemas' proposed hotel
Hotel

Wallis Cinemas Plots 100-Key Hotel for Adelaide Hills

Leon Della Bosca
3 Min
Newstead Frasers Revised DA hero
Development

Frasers Property Pivots Newstead Plans to Twin Towers

Phil Bartsch
4 Min
Industrial

Data Centres Drive Goodman Group A-REIT Success

Taryn Paris AND Shravanth Reddy
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/house-prices-unit-prices-australia-cities-regional