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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