Housing availability continues to push up values in capital cities
Housing affordability has been a hot topic lately and the latest CoreLogic Home Value Index report for February 2017 show that combined capital city home values increased by 1.4% taking them 11.7% higher over the past year.
Sydney and Melbourne continue to be the stand-out players for capital growth, with Canberra not far behind, despite recent predictions from industry commentators that these markets appeared to be cooling off.
So what’s driving this continued growth? There’s no single reason but the biggest driver is supply and demand for residential property due to population increases from both overseas and inter-state migrants.
And what’s bringing these migrants flocking to capital cities such as Sydney and Melbourne? Well this is where the jobs are being created, and as a result, is putting ongoing pressure on the local housing markets therefore, driving up values.
So what does this mean for those of us who live in one of these capital cities?
If you already own property, you’ll no doubt be enjoying watching the value of it move steadily in an upward direction. If you don’t own property, or are considering adding to your portfolio, the old adage “the best time to buy is NOW” may be very apt right now.
If a property purchase is on your horizon, I’d be delighted to hear from you to discuss your financing options.
If you would like to read the complete article from CoreLogic, please click here.
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