AUS
NZ
UK
CA
USA
IND
Highlights
- Home values in Melbourne have declined by 0.10%.
- According to CoreLogic, in just 12 months starting from November end of 2020, residential real estate's estimated value in Australia had pushed from AU$7.2 trillion to AU$9.4 trillion.
- All capitals have reported robust gains over the year.
Skyrocketing housing prices have been a matter of debate for a long while now in Australia. To some respite, for those willing to buy a home in Melbourne, here is good news. As Australia is all set to welcome the new year 2022 in just a few hours from now, home values in Melbourne have declined by 0.10%. This is the first price decline in more than a year.
Data from CoreLogic reveals that the drop in prices comes as the series of new listings deluged buyers, and the rise in fixed mortgage rates, increased buffers, and poor affordability kept many more away.
Besides, Sydney dwelling prices have also slowed drastically, rising by 0.3% during the month. This being its lowest since October 2020.
All capitals have reported robust gains over the year. Brisbane, being on top, finished 2021 with a 27.4% increase - the highest yearly growth in 18 years, followed by Sydney, which posted a 25.3% rise in dwelling values – which was the fastest annual increase since the year 1988.
In what can be called a record high for the Capital, Adelaide rose by 23.3%, while Melbourne grew by 15%.
Recently, in a press release published on 15 December 2021, CoreLogic reported that the estimated value of Australia's residential real estate had gone from AU$7.2 trillion at the end of November 2020 to reach as high as AU$9.4 trillion in just 12 months.
It said that the sales volumes reached the highest level in almost 18 years to climb an estimated 614,635 in the past 12 months. The reason for this is a dramatic increase of 22.2% in the dwelling values nationally from the 12 months to November.
According to CoreLogic, the Strong housing market performance over the year was driven by several factors, such as low-interest rates, fiscal and institutional support for households, high household savings and considerably low levels of advertised stock.
