13 Nov Australian Property – Record Boom on the way!
Last weekend saw a bumper result in the auctions for Australian Property and word on the street has it that this is the turnaround we’ve been waiting for. The property boom is on the way!
Australian Property is on the up! CoreLogic Head of Research, Tim Lawless, said “If property prices continue to rise at the rate they have been over the past three months, national dwelling values could hit new record highs within in just six months.” That’s good news for a market rife with speculation of bubbles and significant bursts on the horizon.
The last 90 days
With the exception of Perth and Darwin, all Capital Cities have recorded increases in home values over the past 90 days. Perth and Darwin have been trending down since 2014 and continue on that same trajectory.
Interestingly, Hobart and Canberra are the current golden children. With Canberra recording a new high for the month of September. Canberra’s current median dwelling value os $601,487. Very tidy for our Nation’s Capital.
The race to the top in Australian Property
Melbourne is running first in the correction stakes, with Brisbane coming up behind in a close second. The current expectation is that Melbourne’s housing market will have recovered in January. “Melbourne housing values fell by 11.1 per cent from peak to trough and remained 5.8 per cent below their peak in October”, noted Lawless.
Brisbane has a little less to correct, down only 2.9% from peak to trough. The gains are small but incremental and trending nicely at 0.4% per month.
Swingin’ Sydney
Sydney is slowly but surely on track to recover within the next six months. Growth in Sydney is slow, and it’s loss was more significant with housing values falling 14.9%.
But what about the luxury market?
The luxury market is a fickle beast. With five Australian cities ranking in the top 30 global cities for luxury price growth, the east coast cities have recorded at least 25 quarters of consecutive growth, according to Knight Frank.
There are some really interesting properties up for grabs in the luxury market. Including this monster from the Gold Coast with a whopping $45m price tag (fetch me my purse and a bottle of Dom). It’s exciting to see properties like this come on offer in Australia. There is definitely a market for this calibre of residence and an opportunity for more of them within our landscape.
Development Planning?
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