Australian real estate prices rose for a third consecutive month in December, according to data published on Friday.
This turnaround of Covid-19-led regime provides significant boost to the basic national wealth and well-being of citizens.
Though dipping by 1.0% in December, national home prices added 0.8% in the past month. Values increased by 3.0 percent in December. The appreciation of capital cities was 0.9 percent in December 2012 and regional cities surged 1.6 percent.
Sydney grew by 0.7 per cent and Melbourne rose by 1.0 per cent. Brisbane, Perth and Adelaide grew 1.1% over this period. On average, the combined market valuation saw a 2.0% growth in 2012, while regional values jumped 6.9% in the same time.
As remote working choices became more embraced and demand for urban living became more prevalent, regional areas experienced increased house prices.
Housing market gains have been mostly concentrated in new apartments due to a surplus of supply and low interest rate in this sector. While home sales posted a strong increase in the last few months, the number of home for sale is significantly low.
According to the sense of comment, the stock is consumed at an unparalleled pace.
“There is more demand for houses than supply with the result that most areas around the country are experiencing a “seller’s market.”