If you need any further proof of why Aussies love real estate, then look no further.
Australian property industry peak body the Real Estate Institute of Australia (REIA) reports that housing prices have climbed 500% in the last 25 years.
According to the REIA data, the median price for Australian housing jumped from $160,000 in 1996 to $825,000 in 2020.
In the same vein, Property research firm CoreLogic’s national home value index recorded a 2.8% rise in March. This increase is the fastest rate of appreciation since 3.2% in October 1988.
Time for empty nesters to make a move
Angus Raine, Executive Chairman, Raine & Horne said, "We are in the middle of the best property market since the last century, making now the perfect time to list a property for sale.
"In the more than three decades I have worked in the industry, I have never seen a market like this, with the entire country experiencing this property surge simultaneously.
“For empty nesters living in superfluous family homes, it could be another generation before we see a market like this again. So, I’d urge you to make a move now.”
Sydney leads the pack
Sydney led the way for capital gains in March, with values surging 3.7% over the month and 6.7% higher over the first quarter of the year. The next best was Hobart with 3.3%
Dwelling values in the NSW capital are now 2.6% higher than their July 2017 peak, which is a remarkable recovery considering the -14.9% drop in values through to May 2019 and the further -2.9% fall during COVID.
Melbourne housing values have also rebounded from the COVID downturn to set a record high, which was a tick under $736,500 in March.
City real estate outshines regional
For the first time in 12 months, capital city housing values outstripped regional markets. CoreLogic’s combined capital cities index recorded a 2.8% increase in March compared with 2.5% in combined regionals areas.
That said, housing values in regional areas are still a fantastic 11.4% higher over the past year.
In March, Victoria was the only state where regional housing values rose faster than capital city housing. Regional Victorian values were up 2.6% compared with a 2.4% rise across Melbourne.
Across the regional markets, gains were highest in NSW, where values were up 2.8% over the month.
If you’re considering a sale in the best real estate market since 1996, contact your local Raine & Horne office for an obligation free appraisal of your property.