- Adelaide dwelling values are at a record high, although cheaper than most of Australia
- Perth and Darwin's values are yet to reach 2014 peaks despite recent mining boom
- Hobart and Canberra have consistently recorded strong growth
Previously on The Property Tribune, we reported on dwelling values across Australia.
While dwelling values are high nationally, this does not equate to record-high levels for all capital cities.
Sydney’s dwelling values are 2.6% above the July 2017 peak and Melbournes are only narrowly above the previous peak by 0.7%. Brisbane’s values are 6.5% above the previous, however, unit values are still below a record high in 2010.
The remaining capitals are a mixed bag.
Adelaide’s dwelling market on the whole has been one of the less affected throughout the pandemic. A high in May 2020 was surpassed by September with March 2021 recording a monthly increase of 1.5% – the biggest monthly jump since December 2007. Houses and unit values are both currently at record highs although relative to larger capital cities, housing values remain relatively low.
Perth values are still currently 15.9% below the record high in June 2014, despite increasing by over 1% per month for the past five. The peak-to-trough decline lasted a staggering 67 months and was due to a decline in mining investment. Unsurprisingly, a rise in mining activity and interstate migration has facilitated the rebound in Perth’s housing prices.
Hobart’s housing market is 12.3% higher than the previous peak in February 2020. Despite a brief decline induced by the pandemic, annualised capital growth for Hobart dwellings has been 9.4% for the past five years.
Darwin, like Perth, has dwelling values still below that of record levels in May 2014. This was also caused by a downturn in resources. The peak-to-trough fall culminated in February 2020 with a 32.7% decline since May 2014. Through to March 2021, this then recovered +16.5%, however, dwelling values are still 21.6% below the record high.
The ACT’s dwelling values at the end of March are 16.9% higher than the previous peak in April 2019. Most notably, dwelling values have risen by 17% in under two years. CoreLogic argues this is in part due to high incomes across Canberra and the fact the public sector remained resilient during the pandemic.
