House prices, according to the latest CoreLogic data, are rising in both the major cities and the regional areas. In January, all of Australia’s city and regional markets, excluding Regional South Australia, reported house price growth. It covers Perth and Darwin who have suffered a decline in the last few years. Melbourne 1.4 percent, Sydney 1.5 percent and Regional Tasmania 1.3 percent were the markets grow the most in January. Hobart and Regional Western Australia both rose around 1%.
The quarter to quarter figures showed similar results, showing some stability in the turnaround. Corelogic head of research Tim Lawless said, “Seasonal effects provide some explanation for the slowdown. The CoreLogic seasonally adjusted hedonic index implies the time of year shaves about 1 basis point of growth from the December reading and 2 basis points from the January reading.
“Factoring in the seasonal effect, the latest results indicate a reduction in the speed of growth across most markets, especially for Sydney and Melbourne where affordability constraints are once again becoming more pressing. As advertised stock levels rise over the early part of the year, we could see some further dampening of growth rates.”
The highest quarterly growth was in Sydney and Melbourne but in the past three months, Hobart, Brisbane, Canberra, Regional Victoria, Regional Queensland, and Regional Tasmania all grew by between 2% and 4%. Except for Darwin and Brisbane, unit prices also fell across the board. The loan market mortgage broker with the largest unit price uplift were all regional markets South Australia, Tasmania, and Victoria while Hobart achieved the highest price growth for apartments among capital cities.