Data breakdown April 2022
Sydney and Melbourne continue the trend in regards to a market slow down, housing values rise nationally with 0.6% growth being the lowest rate of growth since October 2020.
Sydney housing values record it’s third consecutive month of decline of 0.2%, with Melbourne sitting almost flat at 0.04%. Hobart recorded it’s first negative month with a decline of 0.3%, being the first decline for the city in 22 months.
The data for the month of April is important to note as half of the capital cities experienced growth above 1%. It is so important to remember the Australian Property Market is not just one market, as much as the mainstream media will continue to try and push, it’s simply just not the case.
Adelaide has taken top spot for the month of April with 1.9% growth, Brisbane second spot with 1.7% growth and Canberra in third spot with 1.3% growth. Perth also saw growth above 1% with 1.1% growth for the month of April.
Based on the rolling quarter data, Brisbane moved through it’s peak in December with 8.5% slowing to 5.7% over the most recent three month period. Adelaide moved through it’s peak in January at 7.4%, slowing to 5.4% in April.
This peak in growth can be expected as the market can’t continue to perform at the extremely high levels that they have, however moving through the peaks in growth does not mean that growth will still not occur.
As we have now experienced an increase to the cash rate of 0.25% bringing it from 0.10% to 0.35%, the capital cities where housing affordability is an issue will likely see a continued correction. Capital cities and locations where prices are more affordable will likely be more insulated from the cash rate rising.
Adelaide and Brisbane are still experiencing stock levels 20% lower than they were 12 months ago and 40% down on the 5-year average across to two cities. Perth is the only other capital city with stock levels being 16.4% down compared to 12 months ago. All other cities have seen an increase to stock levels compared to 12 months ago.
It’s important to understand that the Australian Property Market is not one market. Understanding that this is the case and selecting markets that haven’t completed their growth cycle are key. If you have any further questions around the data for the month of April 2022, please reach out to us at info@tayloredpropertywealth.com.au. Those who take action, understand the opportunities available and purchase in the right markets are going to reflect in years to come and be grateful for the decisions they have made.
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