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Brisbane has emerged first out of the gate, with property values and listings surging as the holiday period winds down.
New data from CoreLogic indicates the Queensland city led the state capitals with the highest rate of dwelling value increases over the past week as well as the past month to 16 January, with homes climbing 0.5 per cent and 2.2 per cent in those periods, respectively.
“Strong value growth across Brisbane, as well as a more positive outlook for Queensland dwelling values more broadly for 2022, may be supporting an uplift in vendor activity,” CoreLogic’s head of research, Eliza Owen, said.
She noted that new listings advertised in Brisbane over the past four weeks were 20.6 per cent higher than in the equivalent period of 2021, though overall listings in the city are down 31.1 per cent.
Darwin was the only capital city market where overall advertised stock surpassed the same period last year, reporting a 10.7 per cent increase.
Across the capitals, data flows remained light for the week ending 16 January, which is expected for this point in the holiday season.
Taken altogether, Ms Owen reported that the Property Market Indicator Summary figures revealed a 0.8 per cent lift in the value of dwellings across the five largest capital cities over the month, including a 0.2 per cent rise across Melbourne dwelling values, which had fallen through December.
“Notably, there seems to have been a larger-than-usual seasonal drop in the CoreLogic Mortgage Index, which occurred off a high base as transaction activity ramped up in the December 2021 quarter,” she added.
Ms Owen posited this could be a reflection not just of a seasonal slowdown but also disruptions to purchasing and finance activity amid increased COVID-case numbers.
She expects the next few weeks to be telling in terms of the state of Australia’s housing market at large.
“In the coming weeks, higher auction volumes will provide a timely read of housing demand as we emerge from the holiday period,” she said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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