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Following the banking royal commission, the federal election, and the RBA’s cutting of the cash rate to a historic 1.25 per cent low on Tuesday, housing market sentiment has been boosted as experts look toward the bottom of national house price falls.
But as national dwelling values have declined throughout 2018 and well into this year, Corelogic’s latest property report reveals the suburbs across Australia that have recorded the greatest increases and declines in values.
Research analyst Cameron Kusher says the analysis, which takes in the total value of sales over the 12 months to February 2019 compared to a year earlier, reveals the top five suburbs across each state below.
So, where are the suburbs? Kusher says the analysis highlights the suburbs with the highest total value of sales, the largest declines in total sales values, and the ones recording the greatest increase in sales values.
Prestige suburb Mosman recorded the greatest total transaction values with $1.3 billion worth of sales over the year to February 2019, however Kusher says this is much lower than the same period last year when $1.7 billion worth of homes transacted.
“To put this into perspective, if the average commission is approximately 1.5 per cent to 3 per cent, this would be a shared loss of commission of up to $1 million for agents in just this suburb,” Kusher said.
St Leonards, in Sydney’s lower North Shore, tops the list for declines with a 78.4 per cent reduction in sales value year-on-year.
Sydney's auction rates have improved thanks to vendor expectations meeting the market, according to the latest Herron Todd White month in review report. Price declines have been slowing but are still down 4.3 per cent from the start of the year to mid-May.
Sydney's housing market has recorded a 10.7 per cent decline over the past 12 months, and a 14.9 per cent fall since peaking.
Melbourne's colourful coastal suburb Brighton, along with prestige suburbs Toorak and Kew recorded the greatest transactional values for the year to Feb, but like Sydney, the number of sales were notably down year-on-year.
Melbourne’s Campbellfield recorded the greatest decline in the value of sales, down 56.2 per cent, year-on-year.
Carnegie, in Melbourne’s south-east recorded declines across a larger dollar value, down 49.7 per cent over the 12 months to February, resulting in a $1.79 million reduction in transactions.
Melbourne values dropped 0.3 per cent for the month of May. As the market's pace of decline shows signs of slowing, Corelogic head of research Tim Lawless described it as the smallest decline since March last year.
Queensland’s coastal suburbs at the Sunshine Coast and Gold Coast topped the list for the greatest value of transactions for the year. Corelogic data shows turnover, again, is lower across all regions.
Gold Coast suburb Jacobs Well, and Brisbane suburb Berrinba recorded the greatest decline in transactional value down 65 per cent and 59.8 per cent, respectively.
Brisbane's market has recorded 2.4 per cent decline since peaking, and a 2.3 per cent fall in dwelling values over the past 12 months.
Perth suburbs Treeby (up 162.4 per cent), Helena Valley (up 80.2 per cent) and Wandi (up 78.8 per cent) have seen the value of sales higher over the year. Treeby tops the list as the suburb with the greatest increase.
Gidgegannup saw the largest decline in total sales value across the state over the year.
Kusher says the majority of suburbs which made all three of the lists for the state, were located in Adelaide.
“Prospect and Mount Barker were the only two suburbs where the total value of sales was higher in February 2019 compared to a year earlier,” he said.
Regional suburb Risdon Park South recorded the greatest reduction in sales values over the past 12 months, down 47.3 per cent.
