The first quarter of the year has seen Australian dwelling values rise by 2.4%, adding approximately $17,000 to the value of an Australian dwelling.
In fact the total value of all residential real estate in Australia is almost $10trillion - up $2trillion over the pandemic.
However today the market conditions are very different to this time last year when Australia’s property markets were in a state of desperate frenzy with auction clearance rates along the eastern seaboard delivering boom time results.
Corelogic’s National Home Value Index was up 0.7% in March, only a subtle increase on the 0.6% lift recorded in the month of February.
The uptick in the monthly rate of growth was primarily driven by stronger conditions in Brisbane, Adelaide, Perth and the ACT, along with several regional areas, offsetting a slip in values across Sydney and Melbourne.
The rate of growth in the average house price is slowing and the median dwelling price for Australia now sits at $738,975 driven by a perfect storm for rising property prices: low-interest rates and low housing supply at a time of strong demand by home buyers and investors.
Breaking down this figure further, the median house price in Australia’s combined capital cities is $926,107 while the median house value in Australia’s combined regional areas is $600,219.
The median unit price in Australia’s capital cities has risen to $643,387.
