Home values mark third consecutive month of gains

More owners are likely to test the market due to favourable selling conditions.
 
Australia’s housing market marked its third consecutive monthly increase in May after finding a floor in February.
According to CoreLogic’s Home Value Index, dwelling values in Australia increased 1.2% in the month, extending the gains in previous months.
 
All state and territory capitals posted increases in the month, with Sydney leading the pack by recording a 1.8% monthly gain in prices.
 
CoreLogic research director Tim Lawless said the persistently low supply levels and the rising demand for housing, particularly in capital cities.
 
“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of fear-of-missing-out creeping into the market,” he said.
 
“Amid increased competition, auction clearance rates have trended higher, holding at 70% or above over the past three weeks; and for private treaty sales, homes are selling faster and with less vendor discounting.”
 
Capital cities are outperforming their regional counterparts: the former posting a combined growth of 1.4% versus the latter’s 0.5%.
 
“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals,” Mr Lawless said.

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