A handful of neighbourhoods have missed Australia’s soaring house prices, with just 11 areas across the country recording price falls in recent months – most of them remote rural areas.
Australia’s median property value jumped 7% over the past three months, the latest CoreLogic figures show, with the biggest gains seen in Sydney (9.3%), Darwin (7.9%) and Hobart (7.7%).
But price growth wasn’t limited to the cities, with an increase in property values recorded across 97% of the regions analysed by CoreLogic. Only 11 locations saw prices dip over the past three months – some of which recorded only a marginal fall after previous price rises.
CoreLogic’s Eliza Owen says it’s rare to see so many markets in a synchronised upswing. “The few markets that have seen a fall in dwelling values in the three months to May are in more remote locations across regional Australia,” she says. They include the West Pilbara region in WA and the Darling Downs and Maranoa region in Queensland.