Australia’s property market has just hit a remarkable milestone, surpassing $11 trillion in total value.
In the last 12 months alone, property values have risen by an incredible $900 billion, highlighting the continued demand and resilience of real estate across the country.
The national home values grew by 6.7% over the year to September, including a solid 1% gain in the September quarter.
Interestingly, it’s the smaller capital cities that are driving much of this growth.
CoreLogic’s recent data reveals that Perth, Adelaide, and Brisbane are leading the way, achieving record-high values, while Sydney follows close behind.
Perth stands out with a staggering annual growth rate of 24.1%, while Adelaide and Brisbane boast impressive increases of 14.8% and 14.5%, respectively.
Sydney has seen a steady rise of 4.5% over the past year, though Melbourne and Hobart remain slightly below their peaks from early 2022.
According to CoreLogic economist Kaytlin Ezzy, the market’s growth has started to slow down, a shift that’s partly due to a slight increase in property listings, which are up 2.1% from last year in October.
This increase in listings is expected to ease some of the intense competition that buyers have faced over the past year.
As spring unfolds, there may be further moderation in price growth, potentially creating a more balanced market for buyers and sellers alike.
With the market booming and new opportunities emerging, now might be the perfect time to consider your options in this dynamic property landscape.
Whether you’re looking to buy, sell, or invest, there’s no better moment to strategise and make informed decisions.
