House Prices Record High
Sydney, Melbourne, Brisbane, Adelaide, Canberra, Hobart house prices at record high reports Domain.
The latest price data will undoubtedly startle prospective buyers but should encourage sellers and those minded to take advantage of the hot market. And, unlike hot markets of years past, this trend is uniform across the country.
In Adelaide, where the 3.7 per cent quarterly growth is the steepest in a decade, the increases are led by the central and south regions, as well as the Adelaide Hills. Domain senior research analyst Nicola Powell, said it was unusual for Adelaide to have so much demand for property. It had recently experienced its first half-yearly population growth in almost 30 years.
“It’s the first time we’ve got two consecutive quarters of price growth for all capitals since 2009,” Dr Powell said. “It is reminiscent of that period post-GFC when all capitals went into an upswing. Even though we didn’t see a decline due to COVID, we’ve seen an acceleration of home buyers in the market that perhaps prior to COVID wouldn’t have been in the market.”