Tasmanian cities are among the new additions to the top of the property clock, according to the September Month in Review by Herron Todd White.
Launceston and Bernie/Devonport have now joined capitals like Adelaide, Hobart and Canberra, along with regional areas like Albury, Geelong, and Bathurst at the peak of the market, while Melbourne has officially entered decline, and Darwin sits at the bottom of the market.
This month’s property report has a focus on the spring selling season, and as expected, it’s a little different to what the industry has experienced in previous years.
But first to the property clock…
Peak of the market
Houses – The Tasmanian regions of Bernie/ Devonport and Launceston have joined the familiar faces of Adelaide, Adelaide Hills, Albury, Barossa Valley, Bathurst, Canberra, Dubbo, Geelong, Hobart and Tamworth at the peak of the market.
Units – Units pretty much mirror the housing market with Burnie/Devonport and Launceston also making their debut as Adelaide, Adelaide Hills, Albury, Barossa Valley, Bathurst, Central Coast, Geelong, Hobart, and Tamworth sit pretty in poll position.
Starting to decline
Houses – Newcastle, Wodonga remain in the same position as last month.
Units – Wodonga is the lone wolf in the unit market entering the start of decline, and this isn’t their first appearance in this category.
Houses – The new additions here are Melbourne and the Central Coast who join Brisbane, Ipswich, and Sydney.
Units – Melbourne again makes a new appearance along with Newcastle who join Brisbane, Canberra, Gold Coast, Ipswich, Perth, and Sydney.
Approaching the bottom
Houses – There’s no change here with Geraldton and Kalgoorlie still nearing the bottom of the market.
Units – Same again in the unit stakes, with Geraldton and Kalgoorlie in this position.
Bottom of the market
Houses – The bottom of the market has seen a bit of action with Darwin, Broome, and Bundaberg entering this category while Alice Springs and the Southern Tableland remain nestled here.
Units – In terms of units, Broome is the new addition, while Alice Springs, Bundaberg, Darwin, Southern Tablelands, Toowoomba, and Whitsunday are repeat entrants.
Start of recovery
Houses – It’s good news for Cairns, Perth and South West WA who have commenced their rise, while Illawarra, Mildura, Toowoomba, Townsville, and Whitsunday have been positioned here a while.
Units – Again it’s Cairns and South West WA who put in a premiere appearance, while Emerald, Illawarra, Mildura Southern Highlands, and Townsville remain here.
Houses – It’s a bit of a lengthy list in the rising market category with Coffs Harbour, Karratha, Lismore, Mackay, and the Southern Highlands joining Ballina/Byron Bay, Emerald, Gladstone, Gold Coast, Hervey Bay, Mount Gambier, Port Hedland, Rockhampton, and Shepparton.
Units – New additions to the rising market category for units are Ballina/Byron Bay, Coffs Harbour, Karrath, Lismore, and Shepperton, while Dubbo, Gladstone, Hervey Bay, Mackay, Mount Gambier, Port Hedland, and Rockhampton continue to tease in this sector.
Approaching top of the market
Houses – The Sunshine Coast is the sole region in this category and they’ve been there for some time.
Units – Yep, it’s the Sunshine Coast, making a repeat appearance.
Herron Todd White CEO Gary Brinkworth notes the past month has delivered a mix of news extending from border closures to Victorian lockdowns, but the property market has so far proved resilient.
He outlines the following highlights from this month’s report, which is focussed on the spring selling season ahead:
- Sydney – inner-city family homes prove price resilient, inner-west $1 million to $2.5 million sector performing well and an off-the-plan unit agent in Miranda reported nine out of ten current buyers are first homeowners,
- Lifestyle/coastal centres continue to see good activity and demand,
- The end of JobKeeper will be an important test of market conditions,
- Vacant land and new builds see good across-the board interest,
- Restrictions on auctions and open in Melbourne are proving challenging,
- Brisbane’s market shows signs of resilience and optimism
You can access Herron Todd White’s full September Month in Review report here.