The Core Logic housing market update for February 2022 has been released showing Australian national housing values increased 1.1% in January which is up 10 basis points from the December figures.
Although values across most capital cities did increase, the figures show a slowing rate well down from the peak rate of 2.8% in March 2021. The quarterly value change continued to soften which reflects the longer term trend of slowing growth across most regions of Australia. A slow in property value growth has been influenced by a lower level of houses being listed for sale, less government stimulus, rising fixed term mortgage rates, an increase in lender assessment rates, tightening of lender credit conditions, worsening housing affordability and an increased level of caution amongst buyers wary of purchasing property close to a market peak.
With national housing values rising 22.4% over the year from January 2021, the average Australian home value is now approximately $131,000 higher than it was one year ago. Sydney, Canberra and Melbourne are now recording median house values over the one million dollar mark with Sydney being the highest average house value of $1,389,948. Canberra average house values are $1,032,331, Melbourne average house values are $1,002,464, Brisbane average house values are $809,813, Hobart average house values are $759,697, Adelaide average house values are $636,853, Darwin average house values are $562,729 and Perth average house values are $555,851.
Click the links below to download a free full copy of the report or view the Core Logic Housing Market Update videos.