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“But even though we’ve seen a quarterly growth for house prices, we’ve got a slowdown in the pace of price gains and on that annual basis,” said Nicola Powell, the chief of research and economics at Domain. “It’s the slowest increase that we’ve seen in two years.”
How are house prices tracking across the country?
Brisbane also witnessed a steep rise, up 108 per cent to a median of $1,022,026, compared to $491,431 ten years ago.
Credit: SBS News
In Sydney — already the country’s most expensive market — the median house price jumped 82 per cent, from $930,009 in 2015 to $1,691,731.
Darwin was the exception, with prices virtually flat over the decade. The median house price rose just 1 per cent, from $652,173 in 2015 to $659,172.
What’s driving the growth in Adelaide?
She pointed to a range of demand drivers: “Strong population change, demographic patterns in terms of demand for housing have certainly supported price growth. I think strong rates of overseas migration as well as positive interstate migration means that Adelaide has benefited from strong population flows.”
Credit: SBS News
Credit: SBS News
Powell said a growing population and weaker supply have contributed to price growth.
“Ultimately, supply just hasn’t been able to keep pace.”
Housing heats up as an election battleground
Powell also noted the Coalition’s approach appeared to be more “targeted” towards new homes, which could in turn incentivise new construction because of those tax benefits.
