March 2023 – National Property Market Update

Concept home purchase contract,Businessmen are signing a house purchase contract,The concept of selling a home is signing a contract.

The data shows the market at or close to the bottom

New data in for March shows that the Australian property market may be starting to rebound, with home prices rising again in March.

Whilst there are many markets in Australia right down to the suburb level (and beyond), which all behave differently, at a national level the data is showing signs that we are at or very close to the bottom of the market.

This is articulated in the following graphs and tables.  The first, the Home Price Growth Index graph (which shows a rolling 12 month growth rate) courtesy of PropTrack, shows the recovery clearly being led by the Sydney market.

 

 

Prices grow in March, the 3rd month of growth in a row

As you can also see below, the nation’s property prices have increased 0.13% in March; this takes the total increase in values to 0.49% for the 1st Quarter of 2023.

 

Sydney, Perth and SA lead the rebound

This next table shows the main cities and regional data.  You can see Sydney leading the upwards trend during March 23, fueled a lot by the uptake in Sydney’s more premium suburbs of late.   Sydney is closely followed by Perth and The Rest of SA, most likely due to the significant affordability of these markets amongst strong economies and job growth prospects.

 

 

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