Discover our exclusive insights and expert predictions of the Australian property market based on its performance throughout June 2022.
Australian property market: property price update
Like May, the average house price across the Australian property market has continued to experience slow downturn. In a recent Australian housing market report by Michael Yardney, it was identified that as of the 27th of June Sydney and Melbourne experienced downfalls to property prices (1.5% and 1.0% respectively).
Brisbane, Adelaide, and Perth experienced minor monthly increases to property prices. Throughout the June period Brisbane house prices only rose a mere 0.2%, Adelaide rose by 1.3%, and Perth by 0.3%.
The image below demonstrates the current median values of unit and houses across the major capital cities.
Australian housing market price growth regions, revealed
In the year to June 2022, various locations across New South Wales, Queensland, and South Australia were identified as high growth regions. The data from PropTrack, considered all dwelling types. Topping the list at 30% growth were the Ipswich and Logan – Beaudesert regions. Following in third place was Northern Adelaide (at 27%).
Other locations that have been included in this report are:
Wide Bay (QLD)
Gold Coast (QLD)
Moreton Bay - North and South (QLD)
Central West (NSW)
Brisbane North (QLD)
Capital Region (NSW)
Australians don’t believe price forecasts
Media outlets have been reporting anticipation surrounding property values falling by 15 to 20% in the next 12 months. Despite this, many Australians are confident that this won’t happen. In fact, only 20% of consumers in Sydney and Melbourne believe prices in their local area will fall in the next year. The graph below demonstrates some of the results of the latest findings from the Finder Consumer Sentiment Tracker.
93.7% sellers in Australian housing market made a profit in March Quarter
CoreLogic’s Head of Research, Eliza Owen, has announced latest findings from their March 2022 Quarter Pain and Gain Report. In the report, it was identified that 93.7% of national sales made a profit. The median national gains incurred from a property sale during this period was $290,000. Additionally, this report identified the average hold period of a property across the country was nine years.
Rental market performance in June 2022
With rental markets tightening even further, and the widespread demand for rentals increasing, new data shows that more Australians are setting their sights on apartment markets. This is positive news for property investors of units.
In the last 12 months, the number of potential renters per unit rental listing rose by 71% in Brisbane, 54% in Sydney, and 62% in Melbourne. Rental demand also continues to increase, across the board, for house dwellings.
With that, the price of rentals is continuing to rise with increasing interest rates. Interest rates have already risen twice in the last two months. They’re expected to continue doing so throughout the rest of the year. Rental prices will continue to see movement to keep up with repayments from homeowners.
Where NSW and VIC residents flocked to in 2021
Earlier this week the ABS released the statistics from the 2021 Census. This data has shown where people who left Australian Southern States migrated to last year. In the New South Wales and Victorian COVID exodus, 54,700 people from Victoria and New South Wales moved. Most of them moved up towards Queensland. Western Australia also welcomed a portion of these people.
In the last few years, Queensland has proven to boast greater lifestyle benefits for interstate migrants. Combined with infrastructure and employment opportunities, more people are choosing to make the Sunshine State their permanent place of residence. This has had significant impacts on the Queensland property market.
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