, with the latest house price data showing another big jump in February. According to the latest data from CoreLogic, , marking the most significant jump we’ve seen since 2003. In February, Sydney, Melbourne, and Hobart were the most critical performed capital cities, rising by 2.5%, 2.1%, and 2.5%, respectively. At the same time, all other capital cities recorded gains upward of 0.7% for the month.
Over the last quarter,nationwide have risen by 4.0%. Regional areas also , jumping 2.1% in February and 5.4% over the quarter. Since the onset of 2020, regional house prices have seen tremendous interest and are 9.4% higher across the country. The last time house was in 2009, and there are some critical parallels to what we’re seeing in the market right now. After the GFC, the released a host of stimulus measures to boost demand for property. During that period, rose by around the same amount introduced through the stimulus measures. Since COVID began, we’ve seen interest rates fall to record low levels while a range of government incentives have been rolled out, including the Building Bonus and stamp duty relief.
Graph of the Cash Rate Target
The Australian, with listings continuing to sit at deficient levels. Many Australians choose not to sell, and those properties put on the market are finding buyers as many ex-pats decide to . In contrast, others look to take advantage of the low-interest rate environment. Total Listings in 2021 sit at around 140,000 compared to 180,000 . We’ve seen periods where complete listings have been as high as 240,000 across the country in the past five years, reflecting just how tight stock . According to CoreLogic, there is evidence to suggest that listings could be about to rise, given how active agents have been in recent months.
Rental markets werein 2021. Perth and Darwin are experiencing meager rental , brought about by a lack of investor activity over the past five years. Now that both cities are seeing intense levels of interstate migration, both are likely to see further pressure on rental markets in the . Meanwhile, the unit rental market in Sydney and Melbourne is also starting to turn around as confidence returns, with lockdowns continuing to ease in Australia’s two largest cities. According to CoreLogic, ‘Australia’s is now well entrenched in one of the strongest growth phases on record.
CoreLogic believes that several conditions continue to underpin the market strength, including the low-interest-rate environment, economic conditions rapidly improving, and the ongoingin the form of low listings. They caution that even though this is a vital growth , there could still be some headwinds. The will continue to taper off its financial support in the months ahead, while the home loan deferral arrangements will also end.