In February, national home prices rose 0.18% as limited supply and sustained buyer demand supported property values.
The housing market downturn stalled in February and Australian home prices bounced 0.18% to sit 3.90% below their peak.
Prices bounced in every capital city, except Hobart (-0.29%), with Adelaide (+0.44%) the strongest performing capital city market over the past year, while Sydney (+0.36%) and Melbourne (+0.18%) recorded the largest jumps.
These dynamics have been influenced by the availability of properties for sale, with lower stock levels concentrating potential buyer interest and underpinning home prices. The converse is true in Hobart, the only capital city where total listings were up compared to the previous five-year average, giving buyers more choice and lessening competition.
Home prices in Adelaide rose in February to reach a fresh price peak, while home prices in Perth rose 0.13% to sit 0.24% below their November 2022 peak. The comparative affordability of both city’s homes has seen prices hold up better as interest rates have quickly risen. Low stock levels have also helped to insulate home values. The total number of properties listed for sale in Perth hit a record low in January, while the total number of properties listed for sale in Adelaide was down more than 30% on the prior five-year average. Low stock levels have concentrated buyer demand, which on a “per listing” basis in both capitals was sitting at a record high in January 2023.
Regional South Australia, the strongest performing market out of the 16 Greater Capital City Statistical Areas (GCCSAs) that cover the whole country, continued to record strong growth. Prices rose 0.60%, the strongest pace of growth in February, and reached a new peak. Prices were 11.85% above February 2022 levels.
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Disaster funding has been approved for 22 local government areas (LGAs) following severe storms and flooding.
Which LGAs are eligible for disaster funding?
The LGAs are Blacktown, Blue Mountains, Camden, Canterbuy Bankstown, Campbelltown, Central Coast, Cessnock, Fairfield, Georges River, Hawkesbury, Hornsby, Kiama, Lithgow, Northern Beaches, Penrith, Shellharbour, Shoalhaven, Sutherland, The Hills, Wingecarribee, Wollondilly and Wollongong.
Disaster assistance available:
Who is eligible for flood recovery payments?
A flood recovery payment is a lump sum of $1000 per eligible adult or $400 for each eligible child.
To be eligible you must live in one of the listed LGAs and have been substantially affected by the flooding.
How much is the disaster recovery allowance?
A disaster recovery allowance is a short-term income for those who are unable to work as a result of the flood.
$350 a week for a maximum of 13 weeks has been made available to eligible residents.
For more information visit:
NSW State Emergency Service (SES)
National Recovery and Resilience Agency
Our thoughts are with all affected communities and members of the property industry at this time. We urge you to continue to look out for each other! And we will bring you more information as it becomes available.
Stay safe everyone!
Financial support has been announced by the NSW State Government for Northern New South Wales local government areas of Ballina, Bellingen, Byron, Clarence Valley, Coffs Harbour, Kyogle, Lismore, Richmond Valley, and Tweed.
You may also call 13 77 88 and ask about the disaster relief grant administered by Resilience NSW.
Flood Disaster in Queensland and NSW
Photo: courtesy smh
NSW Council of Social Service (NCOSS) has already prepared a complete range of resources for fast access to information on:
The Federal Government’s support is currently limited to affected communities in Queensland, however, that is expected to change over the next day or so.
Financial Support Disaster Recovery Payment
Queenslanders in eligible Local Government Areas (LGAs) can apply for Services Australia’s Disaster Assistance with further flood-affected local government areas in QLD and NSW expected to be added. Check if your LGA has been added here.
Phone line: 180 22 66
The Disaster Recovery Allowance (DRA) payment provides $1000 per eligible adult and $400 per eligible child. It is a one-off, non-means-tested short-term income payment to assist employees and small business persons who have suffered a significant loss, including a severely damaged or destroyed home or serious injury.
Photo: courtesy BBC
Rabobank has announced a range of support measures that will be offered to its farming clients adversely impacted by floods and extreme rainfall in the NSW Northern Rivers and Queensland South-East regions.
Rabobank will work directly with individual clients whose farms or agribusinesses have been affected, to provide support and offer a range of assistance measures in applicable circumstances, including:
Any farming clients who have been adversely impacted by the floods and have not yet spoken to the bank should contact their local branch or phone Rabobank on 1800 025 484.
Our thoughts are with all affected communities and members of the industry at this time. We will bring you more information as it becomes available.
The Real Estate Institute of New South Wales Limited
30–32 Wentworth Avenue Sydney NSW 2000
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The pace of home price falls has eased in recent months, with the housing market downturn losing... Disaster funding has been