Prices Continue To Rise In All Major Cities
Hotspotting
English - June 05, 2023 06:06 - 4 minutes - 5.64 MBInvesting Business Society & Culture Places & Travel hotspotting propertyinvesting propertyinvestment firsthomebuyer smsfpropertyinvestment Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
One word explains everything happening in real estate currently: shortage.
There is a shortage of listings of properties for sale, which is pushing up prices at a time when economists told us to expect falling prices.
In the March-April-May quarter, capital city house prices rose an average of 3%, while apartments increased 2.3%, according to CoreLogic. Every capital city and most regional markets recorded house price increases in the month May, while unit prices also rose in most areas.
The May growth for houses was led by Sydney, up 2.1%; Darwin, up 1.6%, Brisbane, up 1.5% and Perth, which rose 1.2%. Outside of the capital cities, there was growth also in the regional markets of NSW, Queensland, South Australia, Western Australia and Tasmania.