A declaration regarding the values of real estate in Australia for the year 2023 has been issued by the government of Australia, indicating that these prices are on their way to reaching a new high.
As a result, if you are planning to enter the real estate market in any of the cities listed below, it is highly recommended that you carefully examine your plan before making any decisions.
Since the month of May, the value of real estate in Perth, Brisbane, and Adelaide has increased by an astounding one percent each month.
Increase the value of real estate at the national level
The value of real estate on a national scale climbed by 0.4% in December, while prices increased by 8.1% during the year 2023. The increase in prices during the most recent month was the smallest increase since the beginning of the rise in February, which reflects a reversal of the fall that began in 2022.
According to Tim Lawless, head of research at CoreLogic, one of the defining characteristics of the year 2023 was the seeming diversity that existed between cities and regions.
Ability to make payments
The ability to make payments in large cities such as Queensland, South Australia, and Western Australia, he noted, was not nearly as challenging as it was in Melbourne and Sydney.
Both Sydney and Melbourne have experienced a significant slowdown in real estate growth since June. The markets have not yet returned to their previous highs, as evidenced by the 0.2% increase in house prices that occurred in Sydney during the month of December.
Even though the value of real estate in Melbourne dropped by 0.3%, this marks the second consecutive month that the value has decreased.
Over the course of the previous year, the residential real estate market in the three smallest major cities in Australia experienced the most substantial fall.
There was a decrease of 0.8% in the value of homes in Hobart over the course of a year, while there was a decrease of 0.1% in Darwin, and the Australian Capital Territory saw a minor increase of 0.5%.