News

House prices rising across all capital cities

16 December 2020

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

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