Already a subscriber?House prices surged more than 20 per cent across hundreds of mostly affordable suburbs in Perth, Brisbane, Sydney and Adelaide over the past 12 months, defying three interest rate increases, worsening affordability and soaring costs of living, data from CoreLogic shows.
Perth captured the bulk of the biggest gainers, with house values soaring by at least 20 per cent across 147 suburbs out of 293, bolstered by strong net migration flows, low housing supply and relatively cheaper housing prices.In Brisbane, house prices in one out of five suburbs, or across 60 markets jumped by more than 20 per cent, while 27 Sydney suburbs and 14 Adelaide suburbs increased by similar rate.
“A big part of it is the affordability advantage. Even after a 50 per cent increase since the onset of the pandemic, the median house price in Perth is still half that of Sydney, so I think there’s room for further growth ahead, especially with the strong interstate migration trends, robust economic base and relatively high income for residents.”in Australia based on price-to-rent ratios adjusted for inflation.
“Perth is the most affordable city and has better economic potential compared to cities like Adelaide, given the mining sector, so in that sense prices still have a fair way to go,” he said.In Sydney, suburbs in the inner southwest, inner west and Parramatta dominated the biggest annual gainers.Wiley Park in the inner southwest racked up the fastest increase at 27 per cent annual growth.
Even with those sharp gains, median house prices remained under $1.8 million, highlighting the flight to affordability, Ms Owen said. Similarly, in Adelaide, the biggest gainers were largely in the cheaper suburbs in the north such as Elizabeth North, and Munno Para where values rose by more than 20 per cent.
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