House prices are now rising in all Australian cities despite the world still being in the grips of a pandemic.
REA Group chief economist Nerida Conisbee says the boost to property market is down to low interest rates and government stimulus during the coronavirus.
“The property market is bouncing back very quickly. It’s national whether you’re in a capital city or regional area,” she told news.com.
“The downturn in pricing was very short-lived. In many places we didn’t see any downturn compared to prior to the pandemic.
“Buyer confidence has definitely returned.”
One of the features of this new bounce in property is the growth in regional areas due to changing work and lifestyle conditions driven by COVID.
Not surprisingly, the biggest growth has been seen in regional coastal areas as buyers search for safe and peaceful locations on the beautiful coast.
“There’s been a definite shift to regional areas as people are working differently and don’t need to be close to the city,” she said.
“The big trend at the moment is the growth in regional, particularly areas that offer a very nice lifestyle.”
Melbourne is doing particularly well to be in a growth phase after suffering a second heavy COVID lockdown, and up in Sydney, impending stamp duty removals are set to give the market there another boost.
Below is a realestate.com table of the top five median price growth suburbs in Australian capital cities over the last 12 months.
House prices are now rising in all Australian cities despite the world still being in the grips of a pandemic.
REA Group chief economist Nerida Conisbee says the boost to property market is down to low interest rates and government stimulus during the coronavirus.
“The property market is bouncing back very quickly. It’s national whether you’re in a capital city or regional area,” she told news.com.
“The downturn in pricing was very short-lived. In many places we didn’t see any downturn compared to prior to the pandemic.
“Buyer confidence has definitely returned.”
One of the features of this new bounce in property is the growth in regional areas due to changing work and lifestyle conditions driven by COVID.
Not surprisingly, the biggest growth has been seen in regional coastal areas as buyers search for safe and peaceful locations on the beautiful coast.
“There’s been a definite shift to regional areas as people are working differently and don’t need to be close to the city,” she said.
“The big trend at the moment is the growth in regional, particularly areas that offer a very nice lifestyle.”
Melbourne is doing particularly well to be in a growth phase after suffering a second heavy COVID lockdown, and up in Sydney, impending stamp duty removals are set to give the market there another boost.
Below is a realestate.com table of the top five median price growth suburbs in Australian capital cities over the last 12 months.
Brisbane
St Lucia – 37.5 per cent
Sandgate – 22.9 per cent
Virginia – 22 per cent
Highgate Hill – 20 per cent
Samford Valley – 19.4 per cent
Sydney
Pearl Beach – 45.5 per cent
North Willoughby – 43.8 per cent
Glenorie – 40.5 per cent
North Avoca – 38.6 per cent
Bayview – 34.1 per cent
Melbourne
Tyabb – 43.6 per cent
Aberfeldie – 24.4 per cent
Collingwood – 23.4 per cent
South Melbourne – 22.9 per cent
Coburg – 20.5 per cent
Hobart
Dodges Ferry – 29.4 per cent
Primrose Sands – 26.4 per cent
Carlton – 19.4 per cent
Rokeby – 18.1 per cent
Berriedale – 17.2 per cent
Adelaide
Millswood – 34.6 per cent
Hove – 33 per cent
Seacliff – 21.3 per cent
Blackwood – 21.1 per cent
Craigburn Farm – 20.7 per cent
Perth
Coodanup – 29.1 per cent
Kelmscott – 26.6 per cent
Medina – 20.3 per cent
Mount Nasura – 20 per cent
Madora Bay – 18.4 per cent
