Aussie city suburbs where property prices are growing
It looks as though the property market may be back on the path of recovery.
Property prices across the country look to have bottomed out after new data showed prices rose for a second consecutive month.
The median price to buy a home in Australia is now $709,130. In Sydney the median home price is $1,031,138, in Melbourne it’ll cost you $751,125 and $705,016 in Brisbane.
CoreLogic’s Home Value Index (HVI) increased by 0.5 per cent after a 0.6 per cent rise in March. Sydney is leading the charge, jumping 1.3 per cent in April.
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CoreLogic research director Tim Lawless said it was becoming increasingly clear the housing market was moving out of its downfall.
“Not only are we seeing housing values stabilising or rising across most areas of the country, a number of other indicators are confirming the positive shift. Auction clearance rates are holding slightly above the long-run average, sentiment has lifted and home sales are trending around the previous five-year average,” Lawless said.
However, Lawless warned that, despite the positive trend, there was a growing imbalance between how many homes were available and how many people were looking to buy or rent.
“A significant lift in net overseas migration has run headlong into a lack of housing supply. While overseas migration would normally have a more direct correlation with rental demand, with vacancy rates holding around 1 per cent in most cities, it’s reasonable to assume more people are fast-tracking a purchasing decision simply because they can’t find rental accommodation,” Lawless said.
“Many prospective vendors have stayed on the sidelines through the downturn, keeping inventory at below-average levels and providing sellers with some leverage at the negotiation table.”
Where are prices rising the most?
These are the top 10 suburbs in each capital city seeing the biggest price rises and the median home value.
Fairfield - $918,021
Inner City - $1,082,282
Auburn - $773,021
Strathfield - $864,792
St Marys - $800,449
Camden - $985,215
Mount Druitt - $716,311
Campbelltown - $770,157
Rouse Hill - $1,476,095
Melbourne City - $503,191
Manningham - $1,372,703
Wyndham - $644,545
Whitehorse - $1,137,701
Port Phillip - $662,261
Hobsons Bay - $807,886
Brimbank - $643,017
Melton - $614,024
Whittlesea - $693,356
Ipswich - $544,931
Beaudesert - $549,370
Moreton Bay - $715,509
Beaudesert - $812,279
Ipswich Inner - $494,974
Springfield - $560,467
Inner City - $602,625
Beenleigh - $530,973
Redcliffe - $681,890
Forest Lake - $571,348
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