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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