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While the housing market is usually quieter at this time of year, data is already showing housing values are still growing.
CoreLogic’s latest Property Market Indicator Summary, released on 10 January 2022, has given some of the first insight into housing market activity for the new year.
While housing market activity is typically very quiet from late December to late January, CoreLogic research director Tim Lawless has said, “we are seeing some data flowing through that gives us an early view on activity.
“Based on the early readings so far, housing values are up across each of the capital cities over the past week, however similar to the monthly trend, Brisbane and Adelaide standout with the strongest conditions.”
Over the past week, the combined capital cities have seen a 0.3 per cent bump to home values.
Adelaide and Brisbane have led the charge, with a 0.4 per cent boost to prices apiece.
Sydney property prices are up by 0.3 per cent, while Melbourne prices are tracking 0.2 per cent higher and Perth prices are up 0.1 per cent on the previous week.
Brisbane and Adelaide are also tracking the strongest month-to-month – with both cities reporting price growth above 2 per cent over the previous four weeks (2.3 per cent and 2.2 per cent, respectively).
These gains stand in stark contrast to the combined capital average price growth seen over the month of 0.7 per cent.
Over the previous four weeks, Sydney and Melbourne have cooled off – reporting growth of 0.5 per cent and 0.1 per cent, respectively. Perth value gains were also lower than the national average, at 0.5 per cent too.
Looking to supply, it’s Brisbane that’s gained the most in the past month – having achieved a 43.8 per cent boost to freshly advertised stock.
CoreLogic said this suggests many home owners are taking advantage of the strong selling conditions across the south-east of the state.
Even so, overall stock levels remain almost 29 per cent below the five-year average across Brisbane, which reflects the ongoing shortage of available supply.
While available data does paint a tentative picture of what the real estate sector can expect from 2022, Mr Lawless indicated that “as market activity ramps up through the month, we will get a better indication for how the housing trends are shaping up for the new year”.
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