Australian housing prices are starting to steady, following a year of record sales.
After January’s gains of 0.6 per cent (Sydney) and 0.2 per cent (Melbourne, respectively, Sydney prices fell 0.2 per cent through mid-February. Indicating signs of a negative month, to be clarified from March 1, in the CoreLogic monthly report.
House listings are showing more choices with more properties for sale on the market, effectively holding prices steady for the time-being.
Elsewhere in the market, Brisbane is on the rise, lodging an increase of 2.3 per cent in January and is on target for another two per cent in February.
Australian housing market update by Capital City in each State
Here’s what’s happening to property prices so far this year according to Michael Yardney’s propertyupdate.com.au.
- Sydney property prices fell -0.2 over the last week, have been fat in the month of February, and up 23.7% over the last 12 months.
- Melbourne property prices remained flat over the last week, remained flat this month, and up 13.7% over the last 12 months.
- Brisbane property prices increased 0.5% over the last week, increased 1.5% in February, and up 30.7% over the last year.
Despite the flood of properties which hit the market in 2021, supply of properties for sale are yet to meet demand from the sheer quantity of buyers in the Australian housing market.
It is likely we will continue to see this trend steadily continue, until “plausible” rate increases hit later this year.
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