Boom Not Over: Market Keeps Growing

Australia’s pandemic property boom is continuing with the latest figures revealing house values have increased for the 14th consecutive month.

CoreLogic figures show values increased 1.3% in November, the lowest increase since January. But house values are rising faster in Brisbane and Adelaide with Brisbane’s home price up by 2.9% in November (the fastest rate in 18 years) and Adelaide up 2.5% (the highest rise since 1993).

“Housing affordability in Brisbane and Adelaide is less pressing, there have been fewer disruptions from lockdowns and interstate migration is fuelling housing demand,” says CoreLogic research director Tim Lawless.

“It’s still a hot market,” he says. “The boom isn’t over. Even in Melbourne and Sydney, where it’s slowed, you’re still seeing values rise 1% in a month. Even though the market has slowed in those cities, the rate is still well above average.”