A look at the Australian property market update as of the 28th February 2022. We look at dwelling values for the month, annual change in total advertised supply, rental yields, our expectations for what lies ahead and we suburb spotlight on Eaglehawk in VIC, part of the City of Greater Bendigo.
A look at the Australian property market update as of the 31st March 2022. The national monthly growth rate has rebounded slightly, with house values up 0.7% over March. This is despite the country’s two biggest markets both seeing a drop in median prices. But, with most of the smaller capitals experiencing stronger conditions, the general growth trend has continued for an 18th consecutive month.
Last month saw a small decline in the national housing growth rate, which was down 0.1% to 0.6% for April. While we are still seeing growth at the national level, the tide is clearly turning for the Australian property market. Sydney, Melbourne, and Hobart are leading this charge, having all recorded a decline in their monthly median property price.
For Sydney, the 0.2% decline across April marked their third consecutive month of negative growth numbers. In Melbourne, the decline may have been nominal (0.04%), but it means values have technically decreased for three of the last five months. And in Hobart, the 0.3% decline is their first monthly fall in median value in almost two years.