1 November 2019

November Monthly Market Overview

Adrian Atelj
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Home values in Australia increased more in October 2019 than they have since May 2015, according to CoreLogic. What’s more, the national average property value has now increased for four straight months by 2.9% in total.

These statistics along with several other signs suggest we could be at the start of a long period of growth for the Australian property market.

Sydney

Home values in Sydney hit rock bottom in May this year, with a total decrease of 14.9% from their peak. Since then the market has turned around and quickly started to take back lost ground. In fact, Sydney has recovered over 5% of those value losses, and prices here could be back to record highs by mid 2020.

Homes are selling faster and supply is tighter, which tells us this upward trend could be long lasting.

Melbourne

Melbourne’s property market is also seeing a remarkably quick recovery after the downturn. In fact, CoreLogic data shows that home values in the region increased by 2.3% in October alone and 6% since May.

If the city continues at this rate its average property value will be back to pre-downturn levels by early 2020. Some experts are also predicting that both the Sydney and Melbourne markets could hit another gear in 2020, with prices forecasted to begin growing by 12%+ per annum.

Brisbane

Brisbane experienced less of a downturn than Sydney and Melbourne with values only dipping 1.6% below peak levels. Since June, Brisbane’s property market has slowly recovered with prices increasing by 1.1% during the quarter.

Despite this measured growth, experts have an optimistic view for the future of the Brisbane property market. In fact, a recent BIS Oxford Economics report forecasted 20% of value increases by 2022 in the city.

Perth

Perth has been Australia’s worst performing capital city over the October quarter (average value decrease of -1.7%) and its second worst over the previous year behind only Darwin (-8.7%). Despite that, the rate of decrease in the city is slowing, which may suggest that values are about to level out. BIS forecasts expect a 7% house price rise in Perth by 2022.

Adelaide

Adelaide’s average property value is down by 0.9% over the 12 months to October 2019. The city’s market has recorded incremental value increases over the last quarter, a trend which most industry commentators expect to continue through 2022.

Hobart

Hobart has been the Australian property market’s dark horse for the last five years, during which time the average property value there has increased by almost 40%. Growth has slowed slightly over the last quarter and BIS forecasting expects that trend to continue with just 4% total growth forecast to 2022.

Canberra

Canberra has achieved steady, consistent growth over the past five years, with an average value increase of 23.4%. CoreLogic data suggests that the market here may have slowed slightly, but steady growth is expected to continue over the next three years.

Darwin

Darwin’s market is still suffering from the population decreases that occurred after the mining boom, which saw the average property value fall by 30% over five years. Despite that, during October the average property value in Darwin increased by 0.3% and BIS expects small value increases to continue through to 2022.

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