Home Insights What Property Prices Are Doing So Far In 2022

What Property Prices Are Doing So Far In 2022

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The PropTrack Home Price Index, released this month, reveals a nationwide upward trend in prices.

This is a quick update on what’s happening in the market with 5 quick charts.

Since 2021, inflation has clearly slowed.

In the year to October last year, prices have risen by nearly 25%. This is the fastest pace in over 30 years.

However, in the year to March, that rate dropped to 18%. And prices started to fall in Perth and fell very slightly in Melbourne that month.

On a monthly basis, growth slowed to just 0.3% in March. This is the slowest monthly rate since May 2020.

The regions continue to exceed the capital, and the disparity is widening.

As the pandemic took hold, blockages and remote work made cities less desirable and more demanding areas.

This trend continues in the 2022 housing market, where price increases in the capital are slowing faster than regional prices and are expected to continue for some time.

With the exception of South Australia and Brisbane, price increases have slowed nationwide.

There is a slowdown in all other parts of the country compared to the growth rate seen last spring.

Houses and units usually see similar price increases. But not since the pandemic.

The annual rate of increase in home prices in the second half of 2021 was more than 14 percentage points higher than that of the unit, which was 27% year-on-year in November 2021 but 13% year-on-year.

The decline in demand for urban units due to the closure of borders and the shift in larger housing and rural preferences has made a big difference between housing and unit performance.

It is not yet known if this will be somewhat reversed at the border with the reopened city.

Despite slowing national price increases, prices are still rising rapidly in some regions, especially southeastern New South Wales and Queensland.

In fact, all of the top 10 best performing regions over the past year are in these regions of the country.

In these regions, the flow of immigrants between states has been strongest since the beginning of the pandemic and continues to benefit from changing preferences among buyers.

-Written as Angus Moore

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