Adelaide homes are selling almost 16 percent more than they were last year, according to a new report.
According to CoreLogic’s latest monthly report on the Hedonic Home Value Index, home prices in Adelaide have increased by 15.7% over the past 12 months, with a median home price of $ 516,454.
It has also increased by 1.7% in the past month, 5.3% in the quarter and 10.8% since the beginning of the year.
Tim Lawless, research director at CoreLogic, said housing is now out of reach for many Australians.
“Housing is moving out of reach of many members of the community because the value of a home increases in a month rather than in a year,” Laures said.
“In addition to lower housing affordability, much of the previous Covid-related financial support, especially housing-related financial support, has expired.
“On the contrary, demand is stocked with record low interest rates and the prospect of long-term low interest rates.
“Home sales (nationwide) are about 40% above the five-year average, while the active list is about 26% below the five-year average.
“The supply mismatch between supply and demand continues to be a key factor putting upward pressure on home prices.”
Looking at housing in particular, the median Adelaide is currently at $ 560,732, up 1.9% monthly, 5.9% quarterly and 12% from the beginning of the year.
Each year, they grew 17.3 percent.
The unit was also doing well. Adelaide’s average unit price was $ 363,113, up 0.6% from last month, 1.6% quarterly, 2.9% from January and 6.3% from this time last year.
Australia’s Institute for Urban Development reflects Mr. Laures’s concerns about affordability, and State President Simon Bashir will abolish stamp duty to help first homebuyers better achieve home ownership. I asked the state government.
“We have long known that stamp duty is a major barrier to homeowners and makes the savings challenge more difficult for homebuyers,” said Bashir.
“Home buyers in our capital are currently charging stamp duty in the range of $ 20,000 to over $ 40,000 based on the median home price.
“Stamp duty is a burden to the economy, reducing the efficient use of available housing stock by hampering sales and making the government dependent on volatile taxes.
“Unfortunately, too many state governments are obsessed with stamp duty and are too hesitant to consider difficult reform options.
“Eliminating stamp duty has the advantage of reducing barriers to home ownership, making it easier for people to move up and down the market as they grow older and provide an overall economic dividend.”
New real estate report shows the strength of Adelaide’s real estate market
https://www.realestate.com.au/news/new-property-report-shows-strength-of-adelaides-property-market/ New real estate report shows the strength of Adelaide’s real estate market