How the East Coast Capitals Are Doing

According to PRD’s major city market update for the first half of 2022, BrisbaneThe housing market grew a massive 36.8% over the year, bringing the median home price to $910,000.

The inner ring saw a phenomenal growth of 64.2% over 2017, resulting in prices at least $1.1 million higher, while the outer ring grew by 69. 3%, pushing prices to just under $800,000.

The Queensland capital has also reported historically low vacancy rates, which the report attributes to remote working arrangements.

Home rental costs rose the most in the middle crown, while unit rent prices rose the most in the outer crown — pushed higher by the region’s 1.1% vacancy rate.

2021 was also a big year for sydneythe three rings of the city signaling considerable price increases – and median home prices in the inner and middle rings surpassing the $2.5 million mark.

Additionally, sellers have been able to turn discounts into premiums, as the average number of days it takes to sell homes and apartments across all circles has dropped significantly, turning the current real estate environment into a seller’s market.

According to the PRD report, vacancy rates in Sydney have fallen to a much healthier level than they were during the initial outbreak of COVID-19 in early 2020, approaching the established healthy norm of 3%. by the Real Estate Institute of Australia (REIA).

Between 2017 and 2021, melbourne’The housing market has experienced phenomenal growth. Buyers looked to the outer ring market for the most affordable stocks, resulting in 53.4% ​​of sales selling below $900,000. The inner crown market saw a 12% increase.

Unit vacancy rates in all circles fell below the healthy benchmark of 3% set by REIA, indicating a more balanced rental market.

Hobart is on a roll with its lowest level of housing supply since 2017, driving prices up rapidly. And as the growth in home sales prices outpaced that of rental prices, this has caused rental yields to compress over the past 12 months.

Yet both the inner and middle rings had extremely low vacancy rates, “indicating rapid occupancy and rental cash flow,” according to the report.

The central ring currently offers affordable properties, but buyers are advised to make a purchase quickly to beat the ever-increasing sellers’ premiums, which hit an all-time high in 2021.

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How the East Coast Capitals Are Doing



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Last update: February 04, 2022

Posted: February 05, 2022