The Australian real estate market reached a turning point in February.The national Home Value Index rose by 0.3%, ending the downward trend of the past three months. Previously, the national housing price index fell by 0.4% during a brief downturn, and the rebound in February marked the beginning of a market recovery.
The house price recovery is broad-based, with Melbourne and Hobart leading the gains.
February's house price growth trend was across most capital cities and regional markets.The only exceptions were Darwin (-0.1%) and regional Victoria (change of 0.%)..
in,Melbourne and Hobart house prices increased by 0.4% per month, setting the largest increase since this round of adjustment. The two markets had previously performed relatively weakly, especially Melbourne, and this reboundBreaking a 10-month streak of falling house prices.
In contrast,House price growth slows in Brisbane, Perth and Adelaide, which had been the fastest-growing markets in the past few quarters, saw monthly growth of only 0.2% to 0.3%.
Despite this, Adelaide and Brisbane still lead the pack.quarterly growth, respectively, rose 1.2% and 0.9%, but Perth's quarterly growth has narrowed to 0.3%, indicating that market momentum has declined.
A recovery in the high-end market is driving up house prices in Sydney and Melbourne.
Recovery in the high-priced housing market The key factor driving the recovery of housing prices in Sydney and Melbourne is the high-end housing market in these cities.Increased expectations of rate cuts, the high-end market was the first to recover.
Research Director, CoreLogic Tim Lawless The current housing market is recoveringMainly driven by improved market sentiment rather than a direct improvement in lending conditions.
"Market expectations for future interest rate cuts solidified further in February, which led to a rebound in buyer confidence."
"In addition to the modest recovery in house prices, the performance of the auction market has also improved, with clearance rates returning to their long-term average levels."
Regional housing markets continue to outperform capital cities
Compared to capital cities,Regional housing markets perform more stronglyIn February, the countryRegional housing price index rose 0.4%, with a quarterly increase of 1.0%, far exceedingThe capital city index saw a monthly increase of 0.3% and a quarterly decrease of -0.4%..
However, market trends remain divergent, with the capital city markets of Sydney, Melbourne and Hobart outperforming their regional counterparts, suggesting a shift in buyer preference back to the major metropolitan areas.
The reduction in housing supply further supports housing prices
Market supply and demand conditions continue to have an impact on prices. CoreLogic data shows that as of February 23,New listings nationwide fell 4.7% compared to the same period last year and were 1.5% below the five-year average..
althoughThe total number of properties for sale is 1% higher than the same period last yearBut stillBelow the five-year average of 7.9%Lawless noted,Fewer new listings could put upward pressure on prices, especially against the backdrop of increased buyer activity and recovering market confidence.
"If market confidence improves further and new housing supply remains constrained, housing prices are likely to remain supported." Lawless added.
in conclusion
- National housing price index rose by 0.3% in February, ending a short three-month market adjustment period.
- Melbourne and Hobart led the gains, with house prices rising by 0.4%, breaking the long-term downward trend.
- Brisbane, Perth and Adelaide saw slower growth, but Adelaide and Brisbane still maintained their leading quarterly growth positions.
- A recovery in the high-end market is driving house price gains in Sydney and Melbourne., the market's expectations of future interest rate cuts have boosted buyer confidence.
- Regional housing markets continued to outperform the capital cities, with a monthly increase of 0.4% and a quarterly increase of 1.0%.
- The supply of new homes fell by 4.7%, which may further push up housing prices.
As market sentiment improves, whether the Australian housing market can continue to recover remains to be seen through changes in market supply and demand and policy adjustments in the coming months.
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