In the latest CoreLogic analysis by Eliza Owen (pictured above), head of research, a stark variation in housing market performances is evident across Australia’s capitals.
This segment details the highest annual growth observed in Perth, with dwelling values rising by 22.0%, contrasting sharply with a slight decline in Hobart, which saw a dip of -0.1%.
The disparity in growth since the pandemic began is significant, with Perth leading the surge at 62.6%, while Melbourne’s more modest gain stands at 11.2%.
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Supply and demand dynamics have played a critical role in shaping market conditions. Cities like Perth, Adelaide, and Brisbane exhibit strong performance attributed to the low supply of listings compared to sales.
In contrast, Melbourne’s market struggles with an oversupply, highlighted by the influx of 98,223 new listings versus 84,452 sales over the past year.
Owen further investigated the underlying factors influencing supply and demand, including Victoria’s building boom, interstate migration trends, job growth variations, and an uptick in investor activity.
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