Volume rise sees clearance rate hit 60% after 10-week wait
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Despite the changing tide of the Australian property market across the last few months, there remains a handful of suburbs where values have increased.
The quarterly Well Money Green Shoots report has identified five house and five unit markets nationally that are bucking the national trend of falling values. The listed suburbs have experienced a combination of decreasing inventory levels and days on markets, while asking prices have gone in the opposite direction.
NSW boasts the most reported suburbs, with five, while Queensland and Western Australia each have two, and Victoria is claiming one.
Well Money chief executive officer Scott Spencer said the report’s findings highlight how the national property market is not unified in its behaviour, as conditions favour sellers in the 10 listed suburbs.
“Australia is not one big housing market. There are actually hundreds of different markets spread around the eight states and territories,” he said.
Mr Spencer explained how the reduction in inventory levels and days on market meant that in the listed suburbs, “conditions have moved in favour of the sellers”.
“Vendors have increased asking prices in all but two of the suburbs, despite the fact the market is cooling in many parts of the country,” he added.
“The suburbs in this report look set to grow in coming months. That’s because demand is currently higher than supply, which means buyers are being forced to compete hard. That sort of competitive tension is likely to generate increases in selling prices.”
The 10 suburbs where prices will rise in the coming months are:
Last quarter saw inventory levels drop from 7.6 months to 1.9 months, while days on market fell 9.8 per cent to 46 days. The median asking price rose by 0.8 per cent from $635,000 to $640,000.
A 6.3 per cent increase to the median asking price means prices currently sit at $859,000, thanks in part to inventory levels falling 72.3 per cent to two months and days on market going from 48 to 47 days during the last quarter.
Inventory levels currently sit at 1.7 months, having begun the quarter at 6.2 months, while days of market have dropped by 10 days, to 34 days. The median asking price has jumped from $487,991 to $516,900.
Interestingly, the median house price in Tuart Hill fell 2.1 per cent between April and July 2022 to now be $679,000. Days on market fell too, from 41 days to 38 days, and inventory levels also plummeted 63.8 per cent from 6.6 months to 2.4 months.
Units on the coastal location have experienced a 2.7 per cent increase in median asking price to now rest at $575,000. Inventory levels have dropped to three months from 7.2 months, and days on market are down one day to 28 days.
At $929,000, the median asking price has risen 2.6 per cent in the quarter between April and July 2022, while days on market have fallen 18.8 per cent from 48 days to 39 days. Inventory levels are also at 3.2 months having previously been at 7.3 months.
Inventory levels nearly halved between April and July, from 8.2 months to 4.3 months, while days on market also dropped 3.3 per cent to 29 days. Interestingly, median asking prices have also declined 3.3 per cent in the area, currently resting at $708,000.
Both a drop in days on market, from 41 days to 38 days, and inventory levels, from 4.9 months to less than a month, have resulted in the median unit asking price jumping 8 per cent from $690,000 to $745,000.
Much like Buddina, inventory levels in this suburb are less than one month, while days on market have fallen four days to 41 days. This has allowed the median asking price to rise from $540,000 to $550,000.
A significant 70.1 per cent drop in inventory levels has culminated in levels sitting at 1.6 months in July 2022. Days on market have slightly fallen from 49 days to 47 days, which has seen the median asking price in the region rise 5.5 per cent from $626,200 to $660,950.