House prices rose in all districts over the year, except in North Canberra, where house prices fell by 3 per cent.Perth property prices have been dragged down by sluggish population growth, a slowing economy after the mining boom and more recently, tighter lending conditions.
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“There’s a lot of leafy areas with bigger block sizes and better affordability.Demand from serious buyers, or those more “likely to buy”, has increased in most capital cities around Australia as pent-up demand from the coronavirus-related lockdown dissipates through property markets.“Migration has been one of the key drivers for accelerating house prices in greater Hobart.”Dr Powell said Hobart’s mostly poor performance was due to a departure of investors, scared off by the prospect of fewer potential tenants due to border closures.Canberra had solid growth in demand since the beginning of the pandemic at 25.2 per cent for houses and 16.7 per cent for units, but Dr Powell said it was interesting because the serious buyers had not left the market during lockdown.Since the pandemic began, demand fell 4.1 per cent for houses and 4.4 per cent for units.“It’s a very owner-occupier-led housing market that’s one of the reasons it is shielded from [recent] price movements.”The Northern Territory capital recorded a massive 72 per cent increase in buyer demand growth, which Dr Powell said could be the start of renewed interest in the city’s long-suffering housing market.Because of this, Sydney suburbs appear low on the list of regions with the most demand.Aside from Darwin, Hobart was the worst performing capital for demand, indicating those buyers willing to step into the market would have an easier time, with less competition from serious buyers.Regional NSW outperformed in both houses and units, up 30.5 per cent and 25.9 per cent respectively.Weston Creek, South Canberra, and Gungahlin had the highest demand for houses, at 70.7 per cent, 42.4 per cent and 36.8 per cent respectively.The best performer in the greater Melbourne region was Manningham East, which recorded a 37 per cent increase.“The current health crisis has changed the way we use our homes, and for some, altered our purchasing decisions and property wish lists,” said Domain senior research analyst Nicola Powell.The challenge of moving house and interstate amid the coronavirus pandemicA higher positive percentage change indicates the buying and selling environment favours sellers, the opposite buyers.The state’s fortunes appeared to be turning around after a long period of decline because of the mining bust, Dr Powell said.The Block: How to choose a real estate agentPodcast: Could the pandemic fix Australia’s housing affordability crisis?The Maryborough and Pyrenees region had the most growth in demand at 68 per cent, Heathcote, Castlemaine and Kyneton were next at 55 per cent and the Upper Goulburn Valley in third with 52.9 per cent.But units were near-stagnant at 0.6 per cent, indicating a balanced market.The preference for houses was also much more clear, she said.Topping the most in-demand regions is Bourke, Cobar and Coonamble, with interest increasing by a whopping 84.3 per cent.Manningham takes in areas like Dandenong, which Dr Powell said reflected the growing trend for buyers to favour further locations now that working from home was more common.“[But] Darwin still has a long way to recover.”CBA expects smaller property price falls of 6 per cent, revising forecast upwardsDr Powell said the most activity in Sydney was in locales less connected to the city centre.Regional Queensland was again better on both measures, up 27.9 per cent and 16 per cent for houses and units respectively.Serious buyers in major capital cities across Australia are turning their backs on the inner city and looking for homes in the outer suburbs this spring, according to new research.The indicator showed that since the pandemic began, demand has increased everywhere but Melbourne and Hobart, with serious buyers showing the biggest increase in activity in Darwin.Melbourne’s low demand for property, falling 24.8 per cent since the start of the pandemic, was due in part to the lack of physical inspections as part of the stage four lockdown, Dr Powell said.Regional demand for houses saw the second highest growth in the country at 45 per cent and was the highest for units at 65.1 per cent.“You would expect it to fall because people can’t do these high intent actions,” she said.
Get a free property value report for any Australian residential property. Units are now 19 per cent below the 2014 peak. House prices fell 0.4 per cent in the quarter and 9.1 per cent over the year. Skip to content. Find out how the market is performing. Navigating the Pricefinder Property ReportLand Valuations are available in most states and are provided through the Valuer-General for each State and Territory Government.The property report displays information about a specific property address such as ownership, sales and listing history & other property information.
Perth is the third cheapest place to buy a typical house. Sydney property market swollen with 30,000 empty rentalsThe just-released study from RiskWise Property Research detailed what it claimed are Australia's 10 postcodes most at risk of new units flooding an already weakened rental market.Bradman's 'first pitch' could be lost to retirement homePanthers secure their first NRL minor premiership in 17 yearsBuying into oversupplied areas when international borders are "effectively shut" compounds investor risk, he said.New South Wales dominated the list, with four neighbourhoods in the top 10.