Nationwide home prices continue after continued interest rate hikes and subsequent increases in mortgage repayments Except for these regions.
September on PropTrack house price index Home prices show a 3.3% decline nationwide from their peak in March this year.
House prices are falling in 77 of Australia’s 88 SA4 regions. This is in stark contrast to a year ago when price growth was at a historic high.
Rising interest rates have contributed to lower housing affordability, and the RBA is expected to rise further in the near future.
Many Australians choose to rent or buy in more affordable areas.
This is evident when looking at the 11 SA4 regions where house prices are rising and reaching new peaks.
The Barossa-York-Mid North region of South Australia and the McKay-Isaac-Whitsundays region of Queensland are among the areas where prices are still rising.
Homes in western and north-west Tasmania and central-western rural New South Wales are also seeing new price peaks.
The Mackay – Isaac – Whitsunday region is one of the SA4’s 11 still peak regions.
Not surprisingly, all of the SA4 regions that continue to buck the recession are local, with median sales prices below the national level of $680,000.
While home prices have generally fallen across the country, they are still much higher than they were in pre-pandemic times, and as mortgage payments continue to rise, homebuyers are looking for areas with lower home prices. ing.
In-depth insights from PropTrack’s team of experts:
Rural areas will do better than metropolitan areas in 2022 due to demand for more affordable neighborhoods.
Comparing current house prices to their respective peaks, regional prices are down only 1.4% on average, while capital city prices are down 3.7%.
House prices will fall further as the Reserve Bank continues to raise interest rates.
Nevertheless, competition in relatively affordable regions is expected to remain high. There is also the potential for sustained price increases in these regions in the short to medium term.