Real estate prices continued to defy the pandemic recession in October, with the latest CoreLogic data showing that 13 of the nation’s 15 market jurisdictions delivering growth in their median house prices. Seven of the eight capital cities (all except Melbourne) recorded house price growth in October, as did six of the seven state regional markets (all except Regional South Australia). The national average was a 0.5% rise in house prices, with combined regional (up 0.9%) outperforming the combined capitals (up 0.4%).
This follows a similarly bullish result during September and confirms the figures published last week by Domain, which found that every capital city except Melbourne produced house price growth in the September Quarter. In annual terms, all eight capital cities have house prices higher than a year ago, led by Canberra (up 7.3%), Sydney (up 7.2%) and Hobart (up 6.9%). Darwin, Brisbane and Adelaide have all had annual growth in the 4-5% range. But the leading jurisdiction for annual growth in house prices is Regional Tasmania, up 10%. Regional NSW and Regional Qld have also risen about 6%.