The property market has been turned on its head in recent times
Dwelling values are something that has sparked a lot of interest of late. The property market could be excused, with the last 12 months we have had, for showing signs of being sluggish.
After a difficult 2020, the sales markets across Australia have seen very impressive performances of late.
While the investor market has stalled slightly, it has shown the is potential for improvement on the horizon.
New South Wales
Sydney and regional NSW have shown great performance in the housing markets through the start of 2021 in terms of value increases. This follows the fall in Sydney values of -2.9% between April and September 2020 and a drop of -0.1% in May 2020 across regional NSW. From January to April 2021, Sydney dwelling values have jumped 9.3%. Regional NSW dwelling values are also up 9.0% with both dwelling markets hitting record highs.
Victoria has bounced back strongly amid eased COVID-19 restrictions since the December quarter. Even a sharp decrease in rents appears not to have scared away buyers. While rental values remain -20.1% lower across Melbourne City unit market, sales prices are 2.0% higher in the same period.
Dwelling values across Queensland are sitting 13.7% above the previous record high. With low mortgage rates and interstate migration, Queensland housing demand has been high. Migration data suggests it has been particularly popular since the rise of COVID-19.