• Property Market Update August 2021

    Australian property has its best year since 2004.  It’s not often we see double-digit annual growth in property prices for all capital cities and regional areas around Australia. 

  • Australian property has its best year since 2004.

    It’s not often we see double-digit annual growth in property prices for all capital cities and regional areas around Australia. But in the 12 months to 31 July, dwelling prices across the country rose by an average of 16.1% – the biggest annual gain since February 20041

    In the 3 months to July 31 alone, dwelling prices rose by 6.0% in our capital cities and 5.7% in our regional areas1. That jump was partly driven by strong auction clearance rates (75.7% for our capitals in the June quarter2) and continued low stock levels (26% below the five-year average3). 

    What’s particularly remarkable about this growth is that it happened despite numerous COVID-related lockdowns, including an extended one in Sydney. 

    Now that spring is here, it will be interesting to see what impact potential lockdowns have on sentiment and property market performance next quarter and beyond. Watch this space! 

    Median dwelling (house/unit) prices at  31 July 20211

    City Median dwelling price (house and units) Capital growth last 12 months
    Sydney $1,017,692 18.2%
    Melbourne  $762,068 10.4%
    Brisbane $598,615 15.9%
    Adelaide $516,454 15.7%
    Perth $532,392 10.8%
    Darwin $486,054 23.4%
    Hobart $621,102 21.9%
    Canberra $793,872 20.5%
    Combined capitals $740,475 15.1%

    1 CoreLogic Home Loan Value Index, 2 August 2021

    Core Logic's Auction Market Review, June 2021

    3 CoreLogic’s Home Value index, July 2021

    Select a topic to view more blogs and videos:

     

  • Have us call you

    We'll be in contact within 2 business hours

    * Required

    By submitting this form you acknowledge that you have read and accept our privacy statement

  • Disclaimer:

    While such material is published with permission, RAMS is not responsible for its accuracy or completeness.  This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.