Locally owned and independent
October 26, 2023
The Northern Rivers Times
REAL ESTATE 41
Surprise Boom: Home Values Soar in Hundreds of Suburbs, Defying All Expectations Home values have experienced a significant surge across a vast majority of suburbs this year. Buyers and sellers have regained confidence, making a return to the market as interest rates stabilize and optimism grows. This turnaround comes as a surprise compared to the dire predictions made a year ago, suggesting a continued decline in prices through 2023. Instead, Australia’s median home value has consistently climbed every month this year, reaching a record high in September. On a national scale, home prices have seen an approximate increase of 4.3% this year. However, in certain areas, the limited supply of properties on the market has led to even faster price N growth IO ST demand. due toSSstrong E DataREfrom ER PropTrack’s T P automated valuation EX F IN O (AVM) reveals model that values have surged by over 10% this year
in nearly 500 suburbs, primarily concentrated in Sydney, Brisbane, Adelaide, and Perth. PropTrack senior economist Eleanor Creagh identified the subdued listings environment earlier this year as a driver for the upward trajectory in home prices. Stronger demand, underpinned by record levels of migration, has also been a significant factor propelling prices higher. In Sydney, a rebound in population growth, particularly higher numbers of net overseas arrivals, has likely bolstered housing demand. Similarly, Perth, Adelaide, and southeast Queensland have benefited from relative affordability, population growth, and interstate migration. Affordability has played a critical role in driving price growth this year. The lower end of the market remained resilient during the downturn and continues
to attract demand as home prices recover. Higher interest rates have prompted buyers to seek homes in areas where property prices are more affordable, effectively boosting demand in these regions. Suburbs with affordable median values, often less than $500,000, have seen significant price growth. Riverview, situated east of Ipswich in Queensland, stands
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!.0*1%20,'34%56,,7% For869#:';%<''*1%!-=% Sale by 2:>$%?#,))#%@);#),A:)34 Expressions of Interest - Closing 3pm Thursday 5th *+,')-"../ Open Home: .B!-%-CD%/C/ By Appointment
Results with Honesty & Integrity (ESTABLISHED 1912)
LICENSED STOCK, STATION & REAL ESTATE AGENTS
125 HIGH STREET, TENTERFIELD Phone (02) 6736 1344 Glen 0412 269 363 Lisa 0412 360 430 Matthew 0401 949 323 www.haroldcurry.com.au
out as the suburb with the fastest house price growth in Australia this year, witnessing a nearly 24% increase in median house value to around $446,000. Affordability drew first-home buyers to this suburb, providing better value than other parts of Ipswich or Brisbane. In contrast, in Sydney, Melbourne, and Brisbane, the strongest
price growth has been observed in pricier suburbs. Most of the rapidly appreciating house values in Sydney are concentrated in relatively expensive areas such as the eastern suburbs, the inner city, and the northern beaches. These areas saw a quick rebound in prices, especially after sharp declines during the downturn.
As for units, Avoca Beach on the NSW Central Coast emerged as the top performer nationwide, with the median value experiencing an almost 26% increase to $1.39 million. Inner city units in Sydney, Melbourne, and Brisbane have seen significant price growth due to their affordability compared to houses, making them highly sought after. While median values have increased in most Australian suburbs this year, some regional areas experienced declines. Regional NSW, in particular, saw notable declines in house values. These shifts highlight the varying dynamics across Australia’s diverse property landscape. Despite earlier predictions, the current trends suggest a promising outlook for the housing market, fueled by economic stability, migration, and demand.
