Dec 2, 2020
Every capital city and every regional market recorded house price growth in November, according to the latest data from CoreLogic.
Nationally house prices rose 1.1% in November, led by a 1.4% in regional markets which continue to out-perform the capital cities.
Apartment markets rose 0.2%, again headed by a 1.4% increase in the regions.
The results continue the strong performance of most property markets across the nation during this year of the pandemic.
Of the 15 major market jurisdictions in Australia (eight capital cities and seven regional markets), 13 have recorded house price growth in the past 12 months, the only exceptions being Melbourne and Regional WA.
All of the markets except Brisbane have also recorded annual growth in the median apartment prices.
In November, house price growth was led by a 2.2% rise in Canberra, with Regional Tasmania up 1.8%, Hobart up 1.7% and Darwin rising 1.6%.
The annual growth in house prices has been headed by Regional Tasmania (up 10.6%), Darwin (up 9.1%), Canberra (up 7.8%) and Regional NSW (up 7.4%).
Regional markets continue to outdo the capital city markets. The growth in house prices has been greater in the regions in the past month, the past quarter, the year to date and in the past 12 months.
In the past year, regional house prices on average have risen 5.9%, compared to 2.9% in the capital cities. Regional unit prices on average are up 4.7%, compared to 0.8% in the cities.
And of course, individual markets have done considerably better than those average numbers.
So the CoreLogic data published today is the latest in a series of reports which show how well real estate markets have done in the year of the pandemic.
2020 has been the best possible advertisement for residential real estate as an asset class.
It was predicted by many that prices would collapse this year, but in virtually every capital city and regional market, they have risen.
And next year, I’m expecting similar but even more so.
The nation-wide property boom I’m predicting is already under way in many locations across the nation.