The property market in remote areas of Australia is booming, with house prices rising more than capital cities.
The latest Core Logic Hedonic house price index released this morning shows that in the past year, house prices in remote areas have increased by 7.9%, while capital cities have increased by only 1.7%. The report reads: “Australian house prices continued to rise in the first month of 2021. In the September quarter of last year, the national home value index compiled by CoreLogic rose by 0.9%.” Australia’s house prices in January 2021 were higher than the epidemic. It has risen by 1% before. It was previously predicted that, with the exception of the Northern Territory and Western Australia, housing prices in all capital cities in Australia will rise strongly in the past year. In 2020, the Victorian Home Value Index is +6.5%.
The report said that in the past month, house prices in remote areas of Australia have risen by 1.6%. Melbourne’s house prices have rebounded in the past three months and have increased by 0.4% in the past month.
Mackay housing prices, hit hard by the mining downturn, are also rebounding. Also affected by the mining downturn and other factors, Townsville, which has been struggling for the past 10 years, also performed strongly, although housing prices here still have a long way to go before they return to their peaks. 41 experts and economists who accepted the RBA Cash Rate Survey predict that housing prices in all capital cities will continue to rise this year. Experts predict that the median house price will rise by 7.5%.
