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MD Emren

MD Emren

Property markets across the country have rebounded over the past quarter but don't confuse recovery with growth

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Property markets across the country have rebounded over the past quarter, but not everything is what it seems.

Median dwelling prices increased in every capital city, apart from Darwin, over the past three months, according to CoreLogic.
However, some of these price changes are reflective of market recoveries rather than true capital growth.
Major property markets
The latest CoreLogic Hedonic Home Value Index found that the median dwelling value in Sydney increased by 1.1 per in the month of January and was up 5.6 per cent over the quarter – the strongest performer in the index. Sydney’s median dwelling value is now about $863,000, which is still down about 5 per cent on its price peak.
In Melbourne, the median dwelling value grew by 1.2 per cent in January and was up by 4.9 per cent over the quarter.
Melbourne’s median dwelling value is now about $682,000 and is only about 1.2 per cent below its peak price, according to CoreLogic.
However, in many of the locations in Sydney and Melbourne, I believe that prices are recovering rather than growing in value.
Easier lending conditions as well as a sense of FOMO is driving much of the activity, which I believe will peter out sooner rather than later.
In fact, I believe some locations remain overpriced, yet buyers have started scrambling over each other to buy there.
According to CoreLogic, the median dwelling value in Brisbane increased by 0.5 per cent in January and was up 2 per cent over the quarter. Brisbane’s median dwelling value is now $499,000, which is technically its peak price.
One market that is starting to show green shoots of recovery is Perth, with prices there finally clawing back some of the losses of the past few years.
We have been buying strategically in Perth for a little while, but it is not a market for the uneducated, given prices remain more than 20 per cent below their peak, with different suburbs all at different phases of recovery, with some still falling.

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