Brisbane tops cities’ house price growth

CoreLogic’s Property Market Indicator Summary for the week to 9 January has reported that so far in 2022, Brisbane and Adelaide have seen the greatest growth in home values, up by 0.6 per cent over the first nine days.

In comparison, the combined five capital cities recorded had 0.3 per cent growth for the year to date, while Sydney grew by 0.4 per cent, Melbourne inclined by 0.2 per cent and Perth inched up by 0.1 per cent.

For the 12 months leading up to 9 January, Brisbane had retained the top spot, with prices up by 28 per cent.

Sydney followed, with 25.8 per cent growth year-on-year, while Adelaide increased by 23.7 per cent, Melbourne was up by 15.3 per cent and Perth managed 12.5 per cent growth.

Looking at the monthly change, Brisbane’s prices had grown by 2.3 per cent from four weeks prior, while Adelaide increased by 2.2 per cent, Sydney and Perth both ticked up by 0.5 per cent and Melbourne had a slight rise of 0.1 per cent.

Brisbane also dominated in listings, with 2,486 new properties added to the market in the four weeks leading up to 9 January. It had also seen the greatest yearly change, with 43.8 per cent more new listings, although there was a 28.6 per cent drop in total listings compared to a year before.

Adelaide in contrast had seen a 7.9 per cent fall in new listings and a 31.6 per cent yearly drop in total listings.

Overall, the capital cities saw a 6.5 per cent rise in new listings, but total listings were down by around a tenth over the year (-10.8 per cent).

Melbourne had seen 17.1 per cent less in new listings from a year before, although total listings stayed somewhat flat, down by 0.1 per cent. The Victorian capital recorded 2,320 new listings over the four weeks to 9 January.

Meanwhile Perth saw 2,026 new homes added over the four weeks – but its total listings had fallen by 10.8 per cent year-on-year.

Sydney on the other hand had 1,723 new properties listed on the market over the past month, but its total listings were slightly down, by 0.8 per cent.

While Darwin had seen a spurt in new listings (up 13.4 per cent year-on-year) and the total available on the market (up 8.2 per cent), Canberra’s total properties for sale were down by 17.3 per cent.

Sydney continued its reign for price value, with the median price for sales ringing in at $1 million for houses and $690,000 for units.

Canberra came second, with a $960,000 median price for houses and $538,000 unit price, while Hobart followed with a median house price of $683,000 and a unit price of $595,000.

Melbourne recorded a $790,000 median price for houses and $590,000 for units, while Brisbane had a median house price of $630,000 and unit value of $430,000.

Adelaide’s houses had a median value of $555,000 and units came in at $360,000, while Perth had a $525,000 median house price and a unit value of $360,000. Darwin scored similarly, with a $550,000 median house price and $432,000 unit price.

[Related: Home listings dropped 20% in 2021]