PHOTO: The supply of Australian homes is also likely to eventually increase as immigration is turned off the prevent the spread of Covid. Pictured is a house under construction in Melbourne
- Real estate data group CoreLogic said growth in house prices had peaked
- Research director Tim Lawless said more homes were going on the market
- Westpac senior economist Matthew Hassan said sellers had left run too late
- Auction clearance rates are also moderating as more dwelling approvals surge
- The combination is set to slow down the pace of stellar property price growth
WE DON’T ROAST OUR BEANS UNTIL WE HAVE YOUR ORDER
Australia’s record-breaking surge is house prices is tipped to slow, with three key warning signs showing a supply glut could end the boom.
Auction clearance rate have fallen, listing rates have risen as home owners hoped to cash in and building approvals have surged as immigration is turned off.
National property prices in March soared by 2.8 per cent, the fastest pace since October 1988, and Sydney’s median house climbed by an even more dramatic 4.3 per cent in one month to a stratospheric $1.112million.
CoreLogic research director Tim Lawless said the property price growth had most likely peaked, pointing to an increase in market listings for houses and apartments.
Australia’s record-breaking surge is house prices is tipped to slow down as more people try to cash in on the boom. Pictured is an auction in the Sydney suburb of Paddington
House prices rise everywhere
Sydney: up 4.3 per cent to $1,112,671
Melbourne: up 2.6 per cent to $859,097
Brisbane: up 2.6 per cent to $607,969
Adelaide: up 1.6 per cent to $518,692
Perth: up 1.8 per cent to $527,833
Hobart: up 3 per cent to $584,974
Darwin: up 1.9 per cent to $519,575
Canberra: up 3.3 per cent to $819,707
Source: CoreLogic Home Value Index for March 2021 on median house prices