The Australian housing market has enjoyed its most prosperous growth quarter in a decade, in the wake of a four per cent gain achieved at the end of December.
Research group CoreLogic reported that the quarterly gain was the best recorded since November 2009, and was marked by a 6.2 per cent rise for Sydney area homes.
But the 1.1 per cent growth rate for the month of December marked the worst month of the quarter, in the wake of boosts of 1.2 per cent and 1.7 per cent in October and November.
These numbers, according to CoreLogic head of research Tim Lawless, might mean that the pace of capital gains might have been hindered by elevated advertised stock levels or heavier affordability pressures through the early part of the summer.
Much like Sydney, Melbourne residences experienced viable growth – their values elevating 6.1 per cent for the quarter.
Brisbane and Adelaide experienced gains of 2.4 per cent and 1.4 per cent, while Hobart went up 3.4 per cent, and Canberra went up 2.3 per cent.
Perth went down 0.1 per cent, and Darwin experienced a decrease of 1.4 per cent.
For regions not classified as capital cities, the most substantial gain for the quarter was experienced in regional Queensland, down 1.8 per cent.
Gains also were garnered in the regional areas of Victoria, which went up 1.7 per cent, NSW, which increased 1.6 per cent, and SA, which experienced an elevation of 0.4 per cent.
Losses were suffered in the regional areas of WA, which decreased 1.9 per cent, Tasmania, down at a level of 3.0 per cent, and the NT, down at a rate of 1.9 per cent.
Australian homes escalated 2.3 per cent in value last year, thanks to a rebound experienced in the second part of 2019.
Lawless stated that lower mortgage rates, a lightening of borrower serviceability assessments, enhanced housing affordability, and certainty in regards to property tax policy, counted as justifications for the rebound.