Brisbane and Adelaide are leading the charge when it comes to increasing home values, according to the latest property market indicator summary from CoreLogic.
The data indicates over the past month property values in Brisbane have risen 2.3 per cent while values in Adelaide have increased 2.2 per cent.
These increases are well ahead of all other capitals, with Perth and Sydney rising 0.5 per cent over the month, while Melbourne increased 0.1 per cent.
The monthly increases cap off a solid year for both capitals, with Brisbane also boasting the highest value increase of all capitals (28 per cent) for the past 12 months.
Adelaide ranks third at 23.7 per cent, behind Sydney which saw 12-month increases of 25.8 per cent.
Elsewhere, Melbourne’s house values have risen 15.3 per cent in the past 12 months, and Perth’s have increased 12.5 per cent.
CoreLogic Research Director Tim Lawless said, although housing market activity was typically quiet from late December to late January, the data was providing an early view of market activity.
“Based on the early readings so far, housing values are up across each of the capital cities over the past week, however similar to the monthly trend, Brisbane and Adelaide stand out with the strongest conditions,” he said.
The number of new listings coming to market over the past four weeks is also higher than previous years across most markets, other than in Melbourne, Adelaide and Hobart.
“Brisbane stands out with the largest jump in new listings relative to last year, with a 43.8 per cent jump in freshly advertised stock, suggesting home owners are taking advantage of the strong selling conditions across South East Queensland,” Mr Lawless said.
“Overall stock levels remain almost 29 per cent below the five-year average across Brisbane, reflecting an ongoing shortage of available supply despite the surge in new listings.”
Time on market also remains low in all capitals.
Hobart properties have the least time on market with houses taking an average of just 23 days to sell.
In Adelaide, average time on market for houses is 28 days, in Canberra it’s 29, followed by Brisbane (30), Melbourne (31), Sydney (32), and Darwin (41).
Mr Lawless said as market activity ramped up throughout the month, there would be a clearer indication of how housing trends were shaping up for the new year.
Meanwhile, CoreLogic’s auction reporting will resume in late January.