Melbourne joins Sydney, Brisbane, Canberra, Adelaide and Hobart, with its median property price reaching a new record high.
CoreLogic reports show that Melbourne dwelling values have topped their previous peak set in April 2020 as the Melbourne market was in full upward swing, prior to Covid stopping the resurgence post the May 2019 election.
Perth and Darwin are the only remaining cities yet to surpass previous highs and are still a substantial way off:
- Perth peaked at $551,500 in December 2014. Index results as of February 2021 show the median at $491,795, which for context, is where the median value was in December 2010.
- Darwin peaked at $578,825 back in May 2014. Index results as of February 2021 show the median at $438,645, which for context, is where the median value was in September 2009.
This is a good example of why APRA are still not concerned about housing affordability, because the property market across Australia is only reaching levels previously set some time ago. This varies from city to city but on average, wage growth has exceeded property value growth in Australia for the last few years and the rise in property values is playing catch up.
If you’d like to discuss your property plans or mortgage strategy, please get in touch with us here.