The property market around the country remains strong, according to a new report released this week by the NAB Economics Group.
The report, entitled ‘NAB Property Insights: Property Market Update & Economic Outlook’, looks at the key trends, patterns and data driving Australia’s housing market.
What the data shows is that most capital cities continue to be in a growth phase, with Sydney leading the country with a rise of 10.6% since January 2023, to just 2.6% below the prior peak.
Melbourne has also performed well, lifting by a sustainable 4.3% since January 2023. Hobart, Regional Victoria and Tasmania remain in an easing phase, although the rate of easing has moderated.
Regional NSW and the ACT have experienced more modest growth, up just 1.6% and 0.9% since bottoming out in January 2023 and March 2023 respectively.
The Brisbane market is in a strong growth phase, up 9.1% since January 2023 and only 0.6% below its prior peak. This healthy result has extended into regional Queensland markets, which are also experiencing growth of 5.9%, with the strongest quarterly growth last quarter in Toowoomba and Darling Downs.
Perth and Adelaide have largely avoided the easing in values from higher interest rates in 2022, with Perth setting new records to be up 8.8% since September 2022 and Adelaide up 6.3% from March 2023 (the respective months when their easing phases turned to growth).
Rental vacancy continues to be very low in all capital cities. This has led to rental growth in Melbourne of 11.3% for houses and 13.1% for units, in Sydney of 8.4% for houses and 14.3% for units, in Brisbane of 6.4% for houses and 14% for units, in Adelaide of 6.7% for houses and 9.8% for units and in Perth of 12.7% for houses and 16.2% for units.
A webinar discussing the findings, including interest rates, confidence levels, who’s buying and more, is available for viewing on the NAB Business website.
