Australia’s $9 Trillion Dollar Property Market is Skyrocketing

Released early August, CoreLogic’s most recent housing market data confirms Australia’s property market is booming, reaching the $6 trillion dollar mark and pushing property values up.

CoreLogic Data Highlights

The Last 3 Month Low-Down on Australia’s Housing Sector

1. Melbourne takes the crown for best performance with its record 6.1% home value growth.

2. Darwin isn’t looking so hot and comes in as the weakest performer dropping down 3%.

3. Darwin homes enjoyed the best rental yields of 5.7%. Brisbane & Darwin unit yields rose by 5.5%.

4. Melbourne homes had the worst rental yields of 3%, while units achieved 4.1%.

5. Hobart comes in as Australia’s most affordable place to live with a medium home price of $305,000.

6. There is no surprise that Sydney comes in as the most expensive place to call home with median dwelling costs of $790,000.

What about Affordability?

Meanwhile, when it comes to affordability, regional Australia is the place to buy right now. The Housing Industry Association's affordability index reports regional housing affordability has risen by 2.7%.

“In many parts of Australia the extremely low interest rate environment is delivering historically favourable affordability conditions”, says HIA chief economist Harley Dale.


This article was originally published on PropertyJobs.com.au