Top Suburbs For House Price Growth In 2023
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Top Suburbs For House Price Growth In 2023

The median national dwelling value increased by almost $50,000 over the year with the strongest price rises occurring in the more affordable markets

By Bronwyn Allen
Wed, Dec 27, 2023 12:59pmGrey Clock 3 min

]The strongest house price growth was seen in Australia’s more affordable suburbs in 2023, as high interest rates and an average 30% reduction in borrowing capacity prompted more buying activity in markets with lower median prices.

CoreLogic’s annual Best of the Best report reveals that Brookdale in Perth recorded the highest house price growth of the capital cities at 32.8% to a median value of $474,532. Across the regional markets, Tralee in the south-east of NSW and close to the ACT border recorded the best growth at 34.2% to a median house price of $782,764.

The Australian housing market has demonstrated surprising resilience despite interest rates rising substantially over a short period. CoreLogic reports that the average home loan size today is only 0.1% below where it was at the peak of the cycle in April 2022 before rate rises began. This likely reflects two trends. The first is more purchasing activity in lower-priced markets where buyers need smaller loans. CoreLogic says the cheaper capital cities of Perth, Brisbane and Adelaide demonstrated more resilience during the 2022 downswing and strong growth in 2023.

The second trend is more buying activity among wealthy Australians, foreign investors and downsizers, who are less reliant on credit to buy. Additionally, a shortage of homes for sale across the board created stronger competition, as many would-be sellers waited for prices to fully recover following the 2022 market correction. Mortgage holders coped well with rising rates by leaning on savings buffers, working more hours and reducing their discretionary spending at the shops.

However, there are signs that high interest rates are now starting to bite, with the pace of property price growth slowing and auction clearance rates falling in the second half of 2023. This was first seen across the upper price brackets of the market, and CoreLogic expects this trend to filter through to the low to middle price brackets next year. Tougher economic conditions may also weaken the market, with the Reserve Bank forecasting unemployment to rise in 2024 amid subdued economic growth. Most analysts say interest rates are unlikely to fall until very late in 2024 at the earliest.

CoreLogic Head of Research Tim Lawless says it will be a different market next year and price growth will be lower. “Growth in housing values is likely to show greater diversity, both geographically and across housing types,” he said. “Overall, housing value performance is likely to be softer next year relative to 2023. Western Australia and Queensland look well placed to outperform the rest of the country given solid interstate migration rates, low supply and less affordability challenges relative to Sydney and Melbourne. Unit values also are positioned to outperform relative to houses, given the cheaper price points and burgeoning undersupply across the medium to high density sector.”


Suburbs in capital cities with the greatest house price growth:  

  1. Brookdale, Perth (up 32.8% to a median value of $474,532)
  2. Armadale, Perth (up 31.4% to $422,427)
  3. Hilbert, Perth (up 30.1% to $525,827)
  4. Ravenswood, Perth (up 29.2% to $630,258)
  5. Whitlam, Canberra (up 29.1% to $1,158,983)
  6. Camillo, Perth (up 27.3% to $440,749)
  7. Haynes, Perth (up 25.7% to $494,323)
  8. Bayview, Sydney (up 25.3% to $3,123,777)
  9. Seville Grove, Perth (up 25.2% to $540,983)
  10. Gosnells, Perth (up 25.1% to $475,030)


Suburbs in regional areas with the greatest house price growth:  

  1. Tralee, NSW (up 34.2% to $782,764)
  2. Port Vincent, SA (up 25.9% to $404,359)
  3. Angaston, SA (up 23.9% to $573,883)
  4. Mount Morgan, QLD (up 22.8% to $198,636)
  5. Kapunda, SA (up 21.4% to $445,814)
  6. Barraba, NSW (up 21.2% to $258,652)
  7. York, WA (up 21.1% to $373,340)
  8. Green Head, WA (up 21% to $378,433)
  9. Kingscote, SA (up 20.8% to $434,232)
  10. Waroona, WA (up 20.6% to $430,990)



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Hong Kong Takes Drastic Action to Avert Property Slump

The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

Fri, Mar 1, 2024 3 min

Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.


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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

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