2022 is proving to be an excellent year for the property market, with capital cities recording a 55.6% increase in new properties listed. This marks the busiest January for new properties in eight years.
Demand for properties remains high across the country, and reports forecast a 6-9% price rise in 2022. This comes on the back of record price rises in 2021 of up to 25.2% increase in median house prices.
Over the last year, Sydney house prices have risen over 24%, Melbourne 15% and Brisbane 20%. Property specialist Michael Yardney says, “Moving forward, property prices will continue to grow into 2022, but at a much slower pace, yet I predict that in 12 months time new record highs will be reached in property values around Australia.”
Of all the capital cities, Sydney’s property market was the standout performer recording a rise of 101.5%, more than double what they were in December 2021. The most significant increases were across the inner-city areas, with the eastern suburbs experiencing a 497% rise and North Sydney recording a 485% increase.
The Melbourne property market has also had a busy start to the year, with new listings up 67.5% month-on-month, rebounding from the end-of-year slowdown. However, total listings went down 9.7% in the same period. Adelaide saw the next biggest increase of 49.4%, while Canberra was 37.6%. New listings in Brisbane increased 30.5%.
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