Australian Housing Market Update: Prices Rise, Turnover Varies, and Regional Markets Shine
The Australian housing market continues to be a topic of much discussion, with recent news highlighting rising prices, diverse turnover rates, and strong regional performance.
Prices on the Rise Again:
CoreLogic’s national home value index rose 0.6% in February, marking the strongest monthly gain since October 2023. This increase comes despite ongoing pressures like rising interest rates and cost of living. Notably, all capital cities except Hobart recorded an increase in value, with Perth leading the pack at 1.8%. Experts attribute this trend to the persistent imbalance between housing supply and demand, which varies across different cities and regions.
Adelaide, Brisbane and regional areas in South Australia, Western Australia and Queensland continue to see strong capital growth, driven by lower housing prices and positive demographics. Meanwhile, Sydney and Melbourne’s growth has plateaued, but Melbourne showed a slight increase in February.
Turnover Rates: A Look at Market Liquidity:
While national house prices climb, understanding local market dynamics is crucial. Domain’s recent report sheds light on property turnover rates, which indicate how quickly properties are bought and sold in an area. High turnover rates suggest a market with good liquidity, where people are actively buying and selling. Conversely, low turnover rates indicate areas where residents tend to hold onto their properties for longer. Understanding these variations can be valuable for buyers and sellers navigating specific markets.
Regional Markets See Significant Growth:
While capital cities often dominate housing market headlines, regional areas are also experiencing significant growth. According to [invalid URL removed].au, dwelling prices nationally have risen by 6.2% over the past year, driven by both capital cities and regional areas. Queensland, South Australia, and Western Australia, particularly Perth and Adelaide, have witnessed the strongest growth in house prices. Unit prices have also seen notable increases in specific regions, with Logan-Beaudesert, Brisbane, and Adelaide leading the way. This trend is attributed to the affordability offered by smaller states, which is likely to continue fueling price growth in these regions.
Top 20 Australian SA3 regions with the highest turnover rate
State |
GCCSA |
SA3 |
Turnover |
NT |
Rest of NT |
East Arnhem |
0.0% |
NSW |
Rest of NSW |
Lower Murray |
0.4% |
ACT |
Australian Capital Territory |
Canberra East |
0.5% |
NT |
Rest of NT |
Daly – Tiwi – West Arnhem |
1.2% |
NT |
Rest of NT |
Katherine |
1.3% |
NSW |
Greater Sydney |
Dural – Wisemans Ferry |
1.6% |
NSW |
Greater Sydney |
Hawkesbury |
1.6% |
NT |
Rest of NT |
Barkly |
1.7% |
QLD |
Rest of Qld |
Far North |
1.9% |
NSW |
Rest of NSW |
Tumut – Tumbarumba |
2.0% |
TAS |
Rest of Tas. |
South East Coast |
2.2% |
NSW |
Rest of NSW |
Inverell – Tenterfield |
2.3% |
TAS |
Rest of Tas. |
Central Highlands (Tas.) |
2.3% |
NSW |
Rest of NSW |
Griffith – Murrumbidgee (West) |
2.4% |
NSW |
Rest of NSW |
Young – Yass |
2.4% |
The lowest turnover rates: where are people holding on to their homes the longest?
State | GCCSA | SA3 | Turnover |
QLD | Greater Brisbane | Springfield – Redbank | 10.90% |
QLD | Rest of Qld | Surfers Paradise | 10.50% |
QLD | Rest of Qld | Port Douglas – Daintree | 9.70% |
QLD | Rest of Qld | Gladstone | 9.70% |
WA | Greater Perth | Rockingham | 9.20% |
WA | Greater Perth | Kwinana | 8.70% |
WA | Greater Perth | Mandurah | 8.70% |
QLD | Rest of Qld | Cairns – North | 8.70% |
WA | Rest of WA | Goldfields | 8.70% |
QLD | Rest of Qld | Townsville | 8.60% |
QLD | Rest of Qld | Gold Coast – North | 8.30% |
QLD | Rest of Qld | Rockhampton | 8.30% |
WA | Greater Perth | Perth City | 8.20% |
NT | Greater Darwin | Darwin City | 8.20% |
SA | Greater Adelaide | Playford | 8.20% |
NT | Rest of NT | East Arnhem | 0.00% |
NSW | Rest of NSW | Lower Murray | 0.40% |
ACT | Australian Capital Territory | Canberra East | 0.50% |
NT | Rest of NT | Daly – Tiwi – West Arnhem | 1.20% |
NT | Rest of NT | Katherine | 1.30% |
NSW | Greater Sydney | Dural – Wisemans Ferry | 1.60% |
NSW | Greater Sydney | Hawkesbury | 1.60% |
NT | Rest of NT | Barkly | 1.70% |
QLD | Rest of Qld | Far North | 1.90% |
NSW | Rest of NSW | Tumut – Tumbarumba | 2.00% |
TAS | Rest of Tas. | South East Coast | 2.20% |
NSW | Rest of NSW | Inverell – Tenterfield | 2.30% |
TAS | Rest of Tas. | Central Highlands (Tas.) | 2.30% |
NSW | Rest of NSW | Griffith – Murrumbidgee (West) | 2.40% |
NSW | Rest of NSW | Young – Yass | 2.40% |
Regions where home prices are up 20% over the past year
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