George Auzagelis

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.3% of household wealth held in housing at a total estimated value of $10 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 22.0%.

Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 30 September 2023 were as follows:

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all capital cities, Perth's median value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and $40 631 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.

Change in Dwelling Values

Past Month

Combined capitals (0.9% increase) outperformed combined regionals (0.4% increase) during September 2023. The Adelaide (1.7%), Perth & Brisbane (1.3%) markets led the way. In the regional market, the Regional West Australian (0.8%) and Regional Queensland (0.6%) markets recorded the largest increase in dwelling values.

Past 3 Months

Combined capitals (2.5% increase) outperformed combined regionals (1.1% increase) during the past 3 months to October 2023. Adelaide (4.3%) and Brisbane (3.9%) led their peers. In the regional market, the Regional South Australian (2.8%) and Regional Queensland (2.3%) property markets were the top performers.

Past 12 Months

Combined capitals (5.1% increase) outperformed combined regionals (0.4% increase) during the past 12 months to October 2023. Perth (8.8%) and Sydney (7.3%) were the standouts, whilst Hobart (-7.0%) and Canberra (-3.0%) experienced the largest decreases in dwelling values over the past year. In the regional market, the Regional South Australian (9.3%) and Regional Western Australian (6.2%) property markets recorded the highest levels of growth.

Market Changes in Rents

Houses

The Perth housing rental market continues to charge ahead with a 12.7% growth in rents over the past year. Melbourne (11.3%) and Sydney (9.1%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market remains negative (-4.1%) along with the Hobart market (-1.9%).

Units

The Perth unit rental market has outperformed all other capital cities, experiencing a 16.2% growth in rents over the past year. Continued pressure is currently being placed on this market from an undersupply of dwellings. Sydney (14.3%) and Brisbane (14.0%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Hobart (-0.9%) and Canberra (-0.3%) have experienced negative growth in unit rents over the previous 12 months. Darwin (4.0%) continues its annual increase, albeit below the economy's broader level of inflation.

Gross Rental Yields

Combined Property Markets

Combined regional yields (4.4%) continue to be higher than combined capital gross yields (3.5%).

Regional Property Markets

Regional Northern Territory (6.7%) and Regional Western Australia (6.4%) collectively have the highest gross rental yields, whilst Regional Victoria and Regional New South Wales (4.0%) collectively have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.6%) and Perth (4.7%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.0%) and Melbourne (3.4%) continue to offer the lowest gross rental yields.

Find the full version of the National Media Release by CoreLogic here.

You can find previous Property Market Updates here.

George Auzagelis

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.1% of household wealth held in housing at a total estimated value of $9.6 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 22.9%.

Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 31 July 2023 were as follows:

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all capital cities, Perth's median value ranks 7th overall. This is approximately 55% of the value of Sydney's median dwelling value, and $57 910 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.

Change in Dwelling Values

Past Month

Combined capitals (0.8% increase) outperformed combined regionals (0.2% increase) during July 2023. The Adelaide (1.4%) and Brisbane (1.4%) markets led the way. In the regional market, The Regional South Australian (1.1%) and Regional Queensland (0.7%) markets recorded the largest increase in dwelling values.

Past 3 Months

Combined capitals (3.5% increase) outperformed combined regionals (1.2% increase) during the past 3 months to August 2023. Sydney (4.5%) and Brisbane (4.2%) outperformed their peers. In the regional market, the Regional South Australian (3.1%) and Regional Queensland (2.6%) property markets were the top performers.

Past 12 Months

Combined capitals (2.7% decrease) outperformed combined regionals (5.6% decrease) during the past 12 months to August 2023. Perth (3.4%) and Adelaide (1.0%) were the standouts, whilst Hobart (-11.4%) and Canberra (-7.9%) experienced the largest decreases in dwelling values over the past year. In the regional market, the Regional South Australian (8.8%) and Regional Western Australian (3.3%) property markets recorded the highest levels of growth.

Market Changes in Rents

Houses

The Perth housing rental market continues to charge ahead with a 13.2% growth in rents over the past year. Melbourne (11.2%) and Sydney (9.1%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market remains negative (-4.0%) over the past 12 months. Hobart (0.2%) and Darwin (1.8%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 17.8% growth in rents over the past year. Continued pressure is currently being placed on this market from an undersupply of dwellings and record levels of post-pandemic immigration. Perth (15.9%) and Brisbane (15.8%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced negative growth of -0.5% in unit rents over the previous 12 months. Hobart (2.8%) and Darwin (4.7%) have continued their annual increase, below the economy's broader level of inflation.

Gross Rental Yields

Combined Property Markets

Combined regional yields (4.5%) continue to be higher than combined capital gross yields (3.6%).

Regional Property Markets

Regional Northern Territory (6.9%) and Regional Western Australia (6.6%) collectively have the highest gross rental yields, whilst Regional Victoria (4.0%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.5%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.1%) and Melbourne (3.5%) continue to offer the lowest gross rental yields.

Find the full version of the National Media Release by CoreLogic here.

You can find the Property Market Update for July 2023 here.

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.1% of household wealth held in housing at a total estimated value of $9.6 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 22.9%.

Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 30 June 2023 were as follows:

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all capital cities, Perth's median value ranks 7th overall. This is approximately 55% of the value of Sydney's median dwelling value, and a staggering $62 733 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.

Change in Dwelling Values

Past Month

Combined capitals (1.2% increase) outperformed combined regionals (0.5% increase) during June 2023. The Sydney (1.7%) and Brisbane (1.3%) markets led the way. In the regional market, the Regional South Australian and Regional Queensland (1.0%) markets recorded the largest increases in dwelling values.

Past 3 Months

Combined capitals (3.3% increase) outperformed combined regionals (1.1% increase) during the past 3 months to July 2023. Sydney (4.9%) and Brisbane (3.0%) outperformed their peers, whilst Darwin (-0.3%) experienced a reduction in dwelling values over the quarter. In the regional market, the Regional South Australian (2.8%) and Regional Queensland (2.6%) property markets were the top performers.

Past 12 Months

Combined capitals (4.8% decrease) outperformed combined regionals (6.5% decrease) during the past 12 months to July 2023. Perth (2.5%) and Adelaide (0.0%) were the standouts, whilst Hobart (-12.7%) and Canberra (-8.8%) experienced the largest decreases in dwelling values over the past year. In the regional market, the Regional South Australian (8.7%) and Regional Western Australian (3.7%) property markets recorded the highest levels of growth.

Market Changes in Rents

Houses

The Perth housing rental market continues to charge ahead with a 13.1% growth in rents over the past year. Melbourne (10.6%) and Sydney (9.4%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market has turned negative (-4.0%) over the past 12 months. Hobart (0.7%) and Darwin (2.3%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing an 18.8% growth in rents over the past year. Continued pressure is currently being placed on this market from an undersupply of dwellings and record levels of post-pandemic immigration. Brisbane (16.3%) and Melbourne (15.5%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 0.6% in unit rents over the previous 12 months. Hobart (3.8%) and Darwin (5.2%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Gross Rental Yields

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.6%).

Regional Property Markets

Regional Northern Territory (8.8%) and Regional Western Australia (6.5%) collectively have the highest gross rental yields, whilst Regional Victoria (4.0%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.4%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.1%) and Melbourne (3.5%) continue to offer the lowest gross rental yields.

Find the full version of the National Media Release by CoreLogic here.

You can find the Property Market Update for June 2023 here.

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.1% of household wealth held in housing at a total estimated value of $9.5 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 23.2%.

Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 31 May 2023 were as follows:

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all capital cities, Perth's median value ranks 7th overall. This is approximately 55% of the value of Sydney's median dwelling value, and a staggering $75 380 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.

Change in Dwelling Values

Past Month

Combined capitals (1.4% increase) outperformed combined regionals (0.5% increase) during May 2023. The Sydney (1.8%) and Brisbane (1.4%) markets led the way. In the regional market, the Regional South Australian (0.9%) and Regional Queensland (0.8%) markets recorded the largest increases in dwelling values.

Past 3 Months

Combined capitals (2.8% increase) outperformed combined regionals (0.8% increase) during the past 3 months to June 2023. The Regional South Australian (2.8%) and Regional Queensland (1.9%) property markets were the top performers. In the capital city market, Sydney (4.5%) and Perth (2.4%) outperformed their peers, whilst Darwin (-1.3%) and Hobart (-0.5%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined capitals (6.8% decrease) outperformed combined regionals (6.9% decrease) during the past 12 months to June 2023. The Regional South Australian (9.5%) and Regional Western Australian (3.6%) property markets recorded the highest levels of growth. In the capital city market, Perth (2.0%) and Adelaide (0.4%) were the standouts, whilst Hobart (-12.6%) and Brisbane (9.3%) experienced the largest decreases in dwelling values over the past year.

Market Changes in Rents

Houses

The Perth housing rental market continues to charge ahead with a 13.0% growth in rents over the past year. Melbourne (10.0%) and Adelaide (9.7%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market has turned negative (-3.2%) over the past 12 months. Hobart (1.5%) and Darwin (3.0%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 19.3% growth in rents over the past year. Continued pressure is currently being placed on this market from an undersupply of dwellings and record levels of post-pandemic immigration. Brisbane (16.4%) and Melbourne (15.6%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 1.5% in unit rents over the previous 12 months. Darwin (5.8%) and Hobart (6.1%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Gross Rental Yields

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.7%).

Regional Property Markets

Regional Northern Territory (6.6%) and Regional Western Australia (6.4%) collectively have the highest gross rental yields, whilst Regional Victoria (4.0%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.4%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.5%) continue to offer the lowest gross rental yields.

Find the full version of the National Media Release by CoreLogic here.

You can find the Property Market Update for May 2023 here.

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.1% of household wealth held in housing at a total estimated value of $9.4 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 23.4%.

Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 30 April 2023 were as follows:

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and a staggering $75 974 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.

Change in Dwelling Values

Past Month

Combined capitals (0.7% increase) outperformed combined regionals (0.1% increase) during April 2023. The Sydney (1.3%) and Perth (0.6%) markets led the way. In the regional market, the Regional South Australian (0.9%) and Regional Queensland (0.8%) markets recorded the largest increases in dwelling values.

Past 3 Months

Combined capitals (1.4% increase) outperformed combined regionals (0.1% decrease) during the past 3 months to May 2023. The Regional South Australian (2.4%) and Regional Western Australian (1.2%) property markets were the top performers. In the capital city market, Sydney (3.0%) and Perth (1.0%) outperformed their peers, whilst Hobart (-2.4%) and Darwin (-2.0%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (6.8% decrease) outperformed combined capitals (8.4% decrease) during the past 12 months to May 2023. The Regional South Australian (10.0%) and Regional Western Australian (3.7%) property markets recorded the highest levels of growth. In the capital city market, Perth (1.3%) and Adelaide (1.3%) were the standouts, whilst Hobart (-12.7%) and Sydney (-10.7%) experienced the largest decreases in dwelling values over the past year.

Market Changes in Rents

Houses

The Perth housing rental market continues to charge ahead with a 13.1% growth in rents over the past year. Adelaide (10.7%) and Brisbane (10.3%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market has turned negative (-1.8%) over the past 12 months. Darwin (2.3%) and Hobart (3.1%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 19.1% growth in rents over the past year. Continued pressure is currently being placed on this market from record levels of post-pandemic immigration. Brisbane (16.5%) and Melbourne (15.2%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 2.4% in unit rents over the previous 12 months. Darwin (7.0%) and Hobart (7.2%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.7%).

Regional Property Markets

Regional Northern Territory (6.7%) and Regional Western Australia (6.5%) collectively have the highest gross rental yields, whilst Regional Victoria (3.9%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.4%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.4%) continue to offer the lowest gross rental yields.

Find the full version of the National Media Release by CoreLogic here.

You can find the Property Market Update for April 2023 here.

George Auzagelis

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 57.0% of household wealth held in housing at a total estimated value of $9.3 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 23.7%. Contrary to many mainstream media headlines, the overall market's LVR is not what would be considered to be at critically dangerous levels.

Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 31 March 2023 were as follows:

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and a staggering $83 578 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.

Change in Dwelling Values

Past Month

Combined capitals (0.8% increase) outperformed combined regionals (0.2% increase) during March 2023. The Sydney (1.4%) and Melbourne (0.6%) markets led the way. In the regional market, the Regional South Australian (1.0%) and Regional Western Australian (0.9%) markets were the only ones to record increases in dwelling values.

Past 3 Months

Combined capitals (0.4% decrease) outperformed combined regionals (1.0% decrease) during the past 3 months to April 2023. The Regional South Australian (2.0%) and Regional Western Australian (1.5%) property markets were the top performers. In the capital city market, Sydney (0.4%) and Perth (0.1%) outperformed their peers, whilst Hobart (-4.0%) and Canberra (-2.0%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (5.7% decrease) outperformed combined capitals (8.7% decrease) during the past 12 months to April 2023. The Regional South Australian (11.3%) and Regional Western Australian (4.9%) property markets recorded the highest levels of growth. In the capital city market, Adelaide (3.0%) and Perth (1.9%) were the standouts, whilst Hobart (-12.9%) and Sydney (-12.1%) experienced the largest decreases in dwelling values over the past year.

Market Changes in Rents

Houses

The Perth housing rental market continues to charge ahead with a 12.7% growth in rents over the past year. Adelaide (11.2%) and Brisbane (11.2%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra housing rental market has turned negative (-0.8%) over the previous 12 months. Darwin (2.6%) and Hobart (4.0%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 18.1% growth in rents over the past year. Continued pressure is currently being placed on this market from record levels of post-pandemic immigration. Brisbane (16.1%) and Melbourne (14.6%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 3.2% in unit rents over the previous 12 months. Darwin (7.3%) and Hobart (7.8%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Gross Rental Yields

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.7%).

Regional Property Markets

Regional Northern Territory (6.8%) and Regional Western Australia (6.4%) collectively have the highest gross rental yields, whilst Regional Victoria (3.9%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.4%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.4%) continue to offer the lowest gross rental yields.

Find the full version of the National Media Release by CoreLogic here.

You can find the Property Market Update for March 2023 here.

George Auzagelis

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 57.0% of household wealth held in housing at a total estimated value of $9.2 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Furthermore, with outstanding mortgage debt currently at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 23.9%. Contrary to many mainstream media headlines, the overall market's LVR is not what would be considered to be at critically dangerous levels.

Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 28 February 2023 were as follows:

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and a staggering $96 730 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.

Change in Dwelling Values

Past Month

Combined capitals (0.1% decrease) outperformed combined regionals (0.3% decrease) during February 2023. The Sydney (0.3%) and Perth (-0.1%) markets led the way. In the regional market, the Regional South Australian (0.4%) and Regional Western Australian (0.2%) markets were the only ones to record increases in dwelling values.

Past 3 Months

Combined regionals (2.1% decrease) outperformed combined capitals (2.3% decrease) during the past 3 months to March 2023. The Regional South Australian (1.6%) and Regional Western Australian (1.1%) property markets were the top performers. In the capital city market, Perth (-0.2%) outperformed its peers, whilst Hobart (-4.9%) and Brisbane (-3.2%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (4.2% decrease) outperformed capital cities (9.1% decrease) during the past 12 months to March 2023. The Regional South Australian (13.2%) and Regional Western Australian (4.6%) property markets recorded the highest levels of growth. In the capital city market, Adelaide (5.1%) and Darwin (2.9%) were the standouts, whilst Sydney (-13.4%) and Hobart (-11.8%) experienced the largest decreases in dwelling values over the past year.

Market Changes in Rents

Houses

The Perth housing rental market continues to charge ahead with a 12.4% growth in rents over the past year. Adelaide (12.0%) and Brisbane (11.9%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra housing rental market has been more subdued, growing at 0.8% over the previous 12 months. Darwin (3.5%) and Hobart (4.7%), although at the lower end of rental growth, are also seeing healthy increases in rents for houses.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 16.7% growth in rents over the past year. Continued pressure will be placed on this market as international borders progressively open globally and immigration returns to pre-pandemic levels. Brisbane (15.6%) and Melbourne (13.9%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 4.0% in unit rents over the previous 12 months. Darwin (7.1%) and Hobart (8.3%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Gross Rental Yields

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.7%).

Regional Property Markets

Regional Nortnern Territory (7.0%) and Regional Western Australia (6.4%) collectively have the highest gross rental yields, whilst Regional Victoria (3.9%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.3%) and Perth (4.8%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.4%) continue to offer the lowest gross rental yields.

Find the full version of the National Media Release by CoreLogic here.

You can find the Property Market Update for February 2023 here.

George Auzagelis

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 57.0% of household wealth held in housing at a total estimated value of $9.3 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Furthermore, with outstanding mortgage debt currently at $2.1 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 22.6%. Contrary to many mainstream media headlines, the overall market's LVR is not what would be considered to be at critically dangerous levels.

Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 31 January 2023 were as follows:

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median dwelling value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and a staggering $106 460 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.

Change in Dwelling Values

Past Month

Combined regionals (0.8% decrease) outperformed combined capitals (1.1% decrease) during January 2023. The Regional South Australian (0.5%) and Regional Western Australian (0.4%) markets led the way. In the capital city market, no markets experienced growth, whilst Hobart (-1.7%) and Brisbane (-1.4%) suffered the largest decreases in dwelling values.

Past 3 Months

Combined regionals (2.6% decrease) outperformed combined capitals (3.3% decrease) during the past 3 months to February 2023. The Regional South Australian (2.3%) and Regional Western Australian (1.9%) property markets were the top performers. In the capital city market, Perth (-0.1%) outperformed its peers, whilst Hobart (-5.5%), and Brisbane (-4.8%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (2.3% decrease) outperformed capital cities (8.7% decrease) during the past 12 months to February 2023. The Regional South Australian (15.3%) and Regional Western Australian (4.9%) property markets recorded the highest levels of growth. In the capital city market, Adelaide (6.9%) and Darwin (3.7%) were the standouts, whilst Sydney (-13.8%) and Hobart (-9.5%) experienced the largest decreases in dwelling values over the past year.

Market Changes in Rents

Houses

The Adelaide housing rental market continues to charge ahead with a 12.4% growth in rents over the past year. Brisbane (12.5%) and Perth (11.9%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra housing rental market has been more subdued, growing at 2.7% over the previous 12 months. Darwin (4.0%) and Hobart (5.2%), although at the lower end of rental growth, are also seeing healthy increases in rents for houses.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 15.9% growth in rents over the past year. Continued pressure will be placed on this market as international borders progressively open globally and immigration returns to pre-pandemic levels. Brisbane (15.3%) and Melbourne (13.6%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra and Darwin have experienced more moderate growth of 4.7% and 6.0% respectively in unit rents over the previous 12 months. Hobart (8.1%) has continued its annual increase, roughly in line with the economy's broader level of inflation.

Gross Rental Yields

Combined Property Markets

Combined regional yields (4.5%) continue to be higher than combined capital gross yields (3.6%).

Regional Property Markets

Regional Northern Territory (7.1%) and Regional Western Australia (6.3%) collectively have the highest regional gross yields, whilst Regional Victoria (3.8%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.3%) and Perth (4.8%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.3%) continue to offer the lowest gross rental yields.

Find the full version of the National Media Release by CoreLogic here.

You can find the Property Market Update for December 2022 here.