“Australian property prices were up 2.4% over the three months to April with growth in all capital cities except Hobart”, CoreLogic RP Data’s Home Value Index
Property experts have been surprised by new data released on Monday that paints a much rosier picture of Australia’s housing markets than expected.
The bullish numbers from CoreLogic RP Data come at a time when most capital city auction markets are softening ahead of the quieter winter months.
CoreLogic RP Data senior research analyst Cameron Kusher said it was a “really, really strong result” for Sydney but agreed the trend had been for a slowing in the market. Unit prices were up 4.4 per cent in Sydney but dropped 0.7 per cent in Melbourne.
NAB group chief economist Alan Oster said there was no doubt the numbers have been stronger than people were expecting. Owner occupier home loans are taking up the slack of the slowing rate of investors.
“We are staying with our forecast of 1.5% annual price growth across Australia.”
It seems low interest rates and a belief in the value of housing as an investment were helping to drive the market.
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