Australia’s housing boom continues to increase domestic value by another 2.2 per cent in May

Australia’s housing boom continues to increase domestic value by another 2.2 per cent in May

Australia’s housing boom continues to increase domestic value by another 2.2 percent in May

In May Australia’s housing markets continued to increase with the National Home Value Index of CoreLogic rising by 2.2% during the month. In May, the increase was stronger than in April (1,8%), but weaker than that of the March 32-year high, with values rising 2.8%.

The research director of Tim Lawless at CoreLogic notes that growth conditions remain broad, geographically as well as throughout the housing and valuation sectors.

Over the month, the values of both houses and units increased by more than 1 per cent across every capital city. In the last three months, 97 per cent of the 334 SA3 sub-regions analysed by CoreLogic recorded elevation in housing values. A synchronised increase in the number of housing markets in Australia is a total rare occurrence.”

In every capital city over the whole month, the values of both the house and the unit increased by more than 1 percent. In the last three months, 97 percent of 334 sub-areas SA3 analysed by CoreLogic recorded a lift in housing values.” In May, the combined city index increased by 2.3% over the combined regional areas, compared with a rise of 2.0%. The monthly changes in housing values across the capital cities ranged from a 1,1% increase in Perth to a 3,2% jump in Hobart.

Conditions were more diverse in the non-capital city regions. Regional NSW led to monthly gains, with the lowest results for regional WA. The fundamental driving forces on the housing market have been reaffirmed by Mr Lawless. Geographically, it was smaller capital cities that led the housing market to emerge from the downturn of COVID. Now, however, Sydney has risen to the ranks with a 9.3% increase in capital gains in the last three months».

Although housing values are now once more rising rapidly in Sydney, the annual growth rate in the smaller city as well as in New South Wales and Regional Tasmania is generally higher in trend terms. In May, Darwin broke the 20% annual barrier to growth, with values now 20.3% higher during the last 12 months. This is the biggest yearly gain recorded for Darwin’s residences. Lodging in New South Wales is 18.6% higher than in Tasmania region. Regional value is 18.1% higher.

On the other side of the spectrum, regional Western Australia and Melbourne, where the extended blockage has brought more drag on annual growth, have seen the last year’s weakest housing markets.

Source:https://flipboard.com/article/australia-s-housing-boom-rolls-on-with-national-home-values-lifting-another-2-2-/f-ec82f04c20%2Fcom.au

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