New data from PropTrack has revealed the regions where home prices have rebounded the most from their recent troughs, leading the recovery from the lows largely seen throughout 2022.

Home prices recorded falls over most of 2022 but have begun to reverse this year, with April marking the fourth month of consecutive rises in national home values.

In recent months, home price growth has been stronger in the combined capital cities than regional areas, with prices in regional areas flat April 2023.

Regional home prices have risen by 0.30% since their low point recorded in December 2022, while the combined capital cities have seen prices rising 0.93% since their low point also recorded in December 2022.

Except for Western Australia, capital city markets are outperforming their regional counterparts on a monthly basis.

PropTrack economist Anne Flaherty says previous cycles have seen a similar trend, where the upper end of the market leads both the downturn and subsequent recovery.

Via PropTrack

“Drilling down into smaller geographical areas, regions that led the downturn appear to be leading the emerging recovery, resulting in capital city areas holding up better than regional areas in 2023.

“Further drilling into the data by percentile value, although the lower end of the market held up better through the downturn, the upper end is driving the recovery,” Flaherty says.

Darling Downs – Maranoa in Queensland’s southwest, is leading the recovery, with home prices up 7.69% from its recent low in June last year. Other spots boasting a bounce back include:

  • Darling Downs – Maranoa – 7.69% increase since recent trough in June 2022
  • Toowoomba – 5.44% increase since recent trough in July 2022
  • Northern Territory – Outback – 5.41% increase since recent trough March 2022

 

Meanwhile in the big smoke

According to Dr Andrew Wilson  the national housing market continues to rebound, with quarterly house prices now rising over the April quarter for the third consecutive month.

National capital city quarterly median house price increased by 0.9% over April compared to the March result, Wilson says,  touching $1,023,154.

CoreLogic’s national Home Value Index posted second consecutive monthly rise.

Via CoreLogic

Their Home Value Index (HVI) increased by half a per cent in April, following a 0.6% lift in March to be 1.0% higher over the past three months.

Sydney increased 1.3% in April and is leading the positive turn in housing conditions, with dwelling values rising each month since February.

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