Australia’s property market is continuing to bounce back, with values up a staggering 17.7 per cent, year on year, in some suburbs.
CoreLogic’s largest Home Value Index (HVI) saw an increase of 0.8 per cent in September, marking the eighth consecutive month of growth.
The median price of a home is now $740,668 across the country. In Sydney, the median home price is $1,110,660, in Melbourne it is $776,716, and in Brisbane it is $761,739.
Adelaide, Brisbane and Perth led the price gains, where housing supply levels were around 40 per cent below their previous five-year average.
Hobart was at the other end of the growth spectrum, with property values dropping 0.6 per cent over the month, and advertised supply levels holding at above average levels since June last year.
Since finding a trough in January, the national index has recovered by 6.6 per cent. But home values remain 1.3 per cent below the record highs recorded in April last year.
CoreLogic’s research director Tim Lawless said we were likely to see the national HVI recover to a new nominal high by the end of November, considering the current rate of growth.
“We have already seen dwelling values reach new record highs in Perth and Adelaide,” Lawless said.
“Brisbane looks set to reach a new record high in October, with home values currently only 0.6 per cent below their previous peak.
“Hobart and Canberra have the furthest to go before staging a nominal recovery, with dwelling values remaining 12.4 per cent and 7.0 per cent below their cyclical highs from last year.”
Where are prices rising the most?
Here are the top 10 suburbs across the capital cities that recorded the biggest price increases over the past 12 months and their median value:
Armadale, Perth - $528,333, up 17.7 per cent
Rockingham, Perth - $557,781, up 15.5 per cent
Mandurah, Perth - $553,719 - 15.3 per cent
Marrickville - Sydenham - Petersham, Sydney - $1,729,151, up 15.2 per cent
Gosnells, Perth - $535,400, up 14.1 per cent
Hornsby, Sydney - $1,437,665, up 13.6 per cent
Nathan, Brisbane - $1,039,127, up 13.3 per cent
Baulkham Hills, Sydney - $2,000,197, up 13.2 per cent
Kwinana, Perth - $466,249, up 13.2 per cent
Mt Gravatt, Brisbane - $1,065,387, up 12.3 per cent