Australia’s national home prices continue rising, leaving many without hope

Australia’s national home prices continue rising, leaving many without hope

Australia’s national home prices have risen 0.5% in November even though growth had slowed compared to October, with national prices rising 8.7% over the past 12 months, adding approximately $77,000 to the value of the median home value ($873,000) which is around 51% higher than it was five years ago.

The prime movers among the Capital Cities are, Perth (+0.9%), Adelaide (+0.9%), Brisbane (+0.6%) and Canberra (+0.6%) with all capitals hitting record highs except Hobart at (–2.8% below peak), but all saw slower monthly growth compared with October.

Over the past year, Perth (+15.5%), Darwin (+14.1%), and Brisbane (+13.7%), recorded the largest gains out of the capitals, while WA (+13.2%) and Queensland (+12.5%) led the regions.

Regional prices climbed 0.6% in November and were up 9.3% year-on-year. Regional growth has outpaced the capitals over the past year (9.3% vs 8.5%) and past five years (64% vs 47%), supported by relative affordability and lifestyle appeal. However, regional outperformance is narrowing as the stronger acceleration in home prices is now coming from the capitals.

It is a very sad market for Australia’s youth and working class who have been shut out of the escalating property market, who are left to watch the rich get richer, while a huge proportion disgracefully are left to become eternal tenants of the wealthy class…