In today's Pulse article, Head of Research Eliza Owen dives deep into the ‘multi-speed’ growth trends in Australian housing markets covering:
1. Australia’s capital growth performance
The range of annual growth across the capital cities stretches from a 22.0% rise in Perth dwelling values, to a -0.1% dip in Hobart.
2. Diverging growth trends since the onset of the pandemic
Across the capital city markets, Perth dwelling values have had the highest uplift in value at 62.6%, ranging to an 11.2% gain across Melbourne.
Cumulative change in capital city dwelling values, Pandemic to-date
3. Supply and demand influences on housing conditions
Perth, Adelaide and Brisbane are the strongest-performing markets, due to having a low supply of listings relative to sales. The over-supply of the Melbourne market is especially prominent when comparing new listings (98,223) added to the market in the past 12 months compared with actual sales (84,452).
Sales to new listings ratio, 12 months to May 2024
Modelled sales versus new listings, 12 months to May 24
4. But what influences supply and demand?
Eliza also delves into Victoria’s building boom, as well as interstate migration trends, differences in jobs growth, and growing investor activity.
Dwelling completions by state, rolling annual
Meet Eliza Owen
Head of Residential Research Australia
Eliza Owen was appointed the Head of Research at CoreLogic Australia in 2020.
Full profile