EXCITING NEWS FOR BRISBANE REAL ESTATE: HOUSING MARKET CONTINUES TO SOAR IN 2024!
Brisbane, 01 Feb 2024 - The Australian housing market is showing no signs of slowing down as we kickstart the new year with a bang! CoreLogic's national Home Value Index (HVI) reported a remarkable 0.4% increase in national dwelling values for the month of January. This surge in value marks the 12th consecutive month of positive growth, and it's got real estate agents across Brisbane buzzing with excitement!
While the headline figures speak volumes about the market's resilience, it's essential to note the unique regional dynamics at play. Some capital cities experienced a slight dip in values, with Melbourne (-0.1%), Hobart (-0.7%), and Canberra (-0.2%) seeing marginal decreases. However, the stars of the show are Perth, Adelaide, and our very own Brisbane, where property values continue to soar at a staggering monthly rate of 1% or more.
Tim Lawless, CoreLogic's research director, highlighted Perth's impressive performance, stating, "Perth's housing market is truly outstanding, with home values surging by another 1.6% in January. This growth trend has been consistent since November and December, with only a slight dip from the high of 1.8% recorded in October. Demand for housing in Perth continues to outpace supply, propelling values 16.7% higher over the past year. The best part? Despite this remarkable surge, housing prices in Perth remain relatively affordable, with the median dwelling value sitting just under $677,000."
Another noteworthy trend in the market is the rising demand for houses over units. In January, the gap between median capital city house and unit values reached a record high of 45.2%. Across the combined capitals, detached housing values surged by half a percent, contributing around $4,800 to the median house value. Meanwhile, unit values saw a more modest increase of 0.1%, equivalent to a $900 rise.
Mr. Lawless noted, "Since the beginning of this upswing, capital city house values have risen by an impressive 11.0%, while unit values have seen a 6.9% increase. It's clear that Australians are now willing to pay a premium for detached homes more than ever before."
Interestingly, regional markets are outshining the capital cities in terms of value growth. The combined regional index recorded a robust 1.2% increase over the past quarter, surpassing the 1.0% growth rate in the combined capitals index.
Mr. Lawless explained, "Although both the capital cities and regional markets are experiencing a slowdown in value growth, the pace has been sharper in the capital cities, primarily due to a leveling off in Melbourne and Sydney. In contrast, regional areas in Western Australia, South Australia, and Queensland are experiencing steady growth, and they've even hit record-high dwelling values."
Even with concerns about housing affordability, the volume of home sales remains resilient, hovering slightly above average over the last three months. CoreLogic's estimates indicate a remarkable 11.9% increase in home sales over the same period last year, surpassing the previous five-year average by 0.5%.
Mr. Lawless concluded, "Despite economic challenges such as cost of living pressures, high interest rates, and low consumer sentiment, the housing market continues to thrive. A surge in migration, coupled with tight rental markets, has motivated renters to explore homeownership opportunities, if financially viable."
In conclusion, 2024 is off to an incredible start for the Brisbane real estate market, with strong growth prospects on the horizon. Whether you're buying, selling, or just keeping an eye on the market, now is undoubtedly an exciting time to be a part of the flourishing real estate scene in Brisbane. Stay tuned for more updates, and let's ride this housing upswing into a prosperous future!
Jeff Jordan # 0411 822 342
