The latest estate liquidator news
The latest news about estate liquidation.
article Home prices in Australia’s biggest cities have surged in recent years, according to new research from real estate agents.
The Australian Bureau of Statistics (ABS) said on Wednesday that median prices for homes sold in Sydney and Melbourne jumped 20 per cent over the last 12 months, and were up 22 per cent in Brisbane and 10 per cent across the state.
In contrast, median prices in the Northern Territory jumped 6 per cent, and the figures were much lower in the South Australian Capital Territory and the Australian Capital City.
There was a further 8 per cent rise in the median price for homes in Perth, and an 11 per cent increase in Melbourne.
The most recent figures were released by the Real Estate Institute of Australia (REIA), which tracks the market for real estate properties.
But in contrast to recent rises in the price of homes, prices for detached houses in Perth fell by 6 per-cent, while in the capital’s suburbs, prices were up 5 per cent.
“We think the trend towards a more detached market is going to continue,” REIA chief economist David Healy said.
“Prices for homes will continue to rise in both the outer and inner suburbs.”
Prices have been rising across the country, but they have been particularly steep in the north.
The ABS figures also show prices in Sydney have risen by 17 per cent and Brisbane by 15 per cent since June, with prices in Melbourne up 17 per- cent.
While the latest figures show prices have risen across Australia’s largest cities, the biggest rise in prices has been in inner-city suburbs, where the median home price is up by almost 50 per cent from last year.
The average price in Perth rose by just 3 per cent this year, the lowest of any city, while the median in Melbourne is up 15 per-cent.
The biggest drop in prices in each city was in Brisbane, where prices dropped by 20 per- cent.
In the capital, the median prices fell by 20.5 per cent while the price increase in the inner-city suburbs rose by only 7 per cent – well below the national average.
Healy said the affordability crisis was forcing many people to sell their properties.
“It is a situation where the affordability is very much out of reach for many people,” he said.
“They are simply not able to afford to keep buying.”
While there has been a surge in house prices in Perth over the past 12 months and there is some evidence that house prices are increasing in some areas, Healy warned that it was still too early to tell how much of the boom is driven by people buying new homes and others are simply choosing to sell.
“The question is, what will be the effect on the rental market in the future?
That is something that is not really clear at this point,” he told ABC Radio Perth.”
What is clear is that the demand for detached homes is still very high in the city and it is a problem for many property owners.”