New data released today has put Australia’s current property market correction and gloomy media headlines in stark perspective.
Nationally, property prices have fallen 3.53% from their peak in March, while across the combined capital cities they are now down by 4.38%.
The sharpest declines have been seen in Sydney, with prices slumping 6.28% from their peak, followed by Melbourne, with a 4.75% fall from its peak.
But new analysis by PropTrack of price growth movement since the start of the Covid pandemic in March 2020, when most markets began to surge, shows markets are still well ahead.
“Rising interest rates since May have constrained buyers and this has caused property prices to decline in most markets,” PropTrack economist Anne Flaherty said.
“But in the majority of areas, the price falls we’ve so far seen remain well below the enormous gains recorded since the start of the pandemic. For example, across the capital cities, prices are still up 24% and in regional areas, they remain a whopping 47% higher.”
Property price falls in recent months pale in comparison to significant gains recorded after the onset of Covid
Meanwhile in Queensland, Upper Caboolture, north of Brisbane, has a median house price of $754,000, which is 84% higher than in March 2020.
On top of the desire to be closer to nature, southeast Queensland's housing markets had to contend with an unprecedented influx of arrivals from interstate during Covid.
Many of those buyers went straight to the Gold Coast, with the picturesque suburb of Mermaid Beach seeing its median house price leap 110% to $3.32 million.
EXTRACT THANKS
Updated 23 Nov 2022, 3:27pm
Full story here:
Comments