INTEREST RATES, A PANDEMIC RESET AND EXTREME WEATHER EVENTS – THE AUSTRALIAN PROPERTY MARKETS THAT FLEW HIGH OR FLATLINED
There’s some surprise winners and losers among CoreLogic’s 2022 Best of the Best list
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It’s been the best of times and the worst of times, to paraphrase Dickens, for players in the Australian property market this year.
While areas such as the Adelaide suburbs showed strong growth, with Davoren Park house values rising by 34.7 percent and unit values in Seacliff Park gaining 41.4 percent, CoreLogic data reveals houses in the Sydney suburbs of Narrabeen, Surry Hills and Redfern dropped by more than -25 percent. Unit values in Centennial Park and Mona Vale fell by -23.1 percent and -20.8 percent respectively.
CoreLogic economist Kaytlin Ezzy said the Adelaide market had proven to be remarkably resilient.
“Adelaide’s resilience has been a consistent feature of the housing market in 2022,” she said. “While down -0.9 percent from the July peak, dwelling values across the city are still 13.4 percent above the level recorded this time last year.
“Adelaide’s relative affordability and persistently low advertised stock levels have helped insulate it from the worst impacts of rising interest rates.”
In the regions, Bingara in the New England district of NSW experienced 36.2 percent growth in house values, followed by the South Australian towns of Cleve (35.3 percent), Solomontown (34.9 percent) and Streaky Bay (34.7 percent). The NSW town of Gobbagombalin in the Riverina saw house value gains of 33.5 percent.
It has been more of a rollercoaster ride in the popular lifestyle locations of the Illawarra, Southern Highlands and Shoalhaven in NSW and the Sunshine and Gold Coasts in Queensland, which experienced the greatest ‘peak to trough’ values.
Four of the five most expensive Australian suburbs for houses are from Sydney, according to CoreLogic’s 2022 Best of the Best list, with Vaucluse topping the list with a median value of $7,943,965, followed by Bellevue Hill ($6,882,484), Rose Bay ($5,660,910) and Dover Heights ($5,087,211). The Melbourne suburb of Toorak rounded out the top five, coming in at $4,955,630.
The five most expensive unit values were from Sydney’s inner ring, with Point Piper leading the way at $2,895,563. It was followed by Darling Point, Millers Point, Milsons Point and Kirribilli.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The construction sector is roaring back to life in some Australian states while others languish in the doldrums
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The home building market is on the rebound as building approvals rise, new data reveals.
Information from the Australian Bureau of Statistics shows that the total number of dwellings approved in August was up 7 percent seasonally adjusted, with apartments leading the way.
Private sector house approvals gained 5.8 percent in August while private sector residences excluding houses were up 9.4 percent. This follows on from a decrease of 14.6 percent in July and indicates a solid recovery in the Australian construction sector as the end of the year approaches.
Approvals for total dwellings were strongest in the two largest states, with Victoria recording a rise of 22.2 percent and NSW 12.5 percent. Western Australia also saw a significant rise of 12.3 percent.
In Queensland, the results were less positive for the sector, with total dwelling approvals falling by -26.9 percent. Tasmania also experienced a drop in approvals in August, down -10.1 percent and South Australia -6.9 percent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
