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Are we set for a new housing record?
Housing values might return to their historic highs in as little as six months, new analysis has forecast.
Are we set for a new housing record?
Housing values might return to their historic highs in as little as six months, new analysis has forecast.
According to CoreLogic’s Home Value Index, while national dwelling values remain 5.7 per cent below their peak, it won’t be long before they pick back up.
CoreLogic’s head of research, Tim Lawless, believes Melbourne could be the first city to reach its previous market peak.
“If the current run rate of growth continues, Melbourne’s housing market will recover in January,” Mr Lawless said.
With house values having grown by 5 per cent over the last three months, Sydney is expected to also pick up from a lower trough in 2017.
“Sydney’s housing market is on track to post a recovery within six months, or around April next year, if the current pace of growth continues,” Mr Lawless stated.
Most of Australia’s capital cities have recorded a rise in dwelling values over the past three months, with only Perth and Darwin being the exception where values have been trending lower for the past five years.
The same can’t be said of Hobart and Canberra, which are the two capitals where housing values are already at new record highs.
Hobart values recorded only a mild correction of 1.3 per cent from peak to trough, with the market reaching a new record high in October 2019.
Similarly, Canberra housing values recorded a peak to trough decline of only 1.5 per cent during the downturn, and moved through a new record high in September this year.
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