01 Oct 2021 Australian housing values rising at the fastest annual pace since June 1989, but the monthly rate of growth continues to lose steam
Given all that we have gone through, and continue to go through thanks to the COVID-19 lockdowns and associated business closures, jobs lost or at threat, it seems counter intuitive that house prices continue to grow at rates not seen for many years.
The recently release CoreLogic home value index makes for interesting reading. Also worth a read is our previous post on the article by The Urban Developer telling us that, finally, the federal government is indicating they may take action to try slow price growth.
CoreLogic’s national home value index rose another 1.5% in September, taking Australian housing values 17.6% higher over the first nine months of the year and 20.3% higher over the past 12 months. The annual growth rate is now tracking at the fastest pace since the year ending June 1989.
The monthly change in housing values remains positive across every capital city and broad rest of state region, with Hobart (2.3%) and Canberra (2.0%) recording the largest growth, while Darwin (0.1%) and the recently revised Perth index (0.3%) recorded the softest growth conditions across the capitals.
Across regional Australia, regional NSW (2.0%), regional Tasmania (1.7%) and Regional Queensland (1.7%) led September’s capital gains.
Although growth conditions remain positive, it is becoming increasingly clear the housing market moved past its peak rate of growth in March when nationally dwelling values increased by 2.8%. Since that time, the monthly rate of growth has eased back to 1.5%.
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