Real estate website The Australian reports the latest figures on home prices across Australia.
Property prices in major cities like Melbourne, Brisbane and Adelaide have all hit new records this year, while Melbourne’s house price inflation has also seen prices go up.
The numbers are impressive, but a caveat applies: many of these cities are now experiencing significant supply shortages.
In the capital, Sydney, there is only one new market house a month, compared to eight a year ago.
In other big cities like Adelaide, Brisbane, Melbourne and Perth, there are only three new market homes a month.
It’s all about supply, and there are a few factors to keep in mind.
Here are the five biggest areas for house prices to go up this year: Brisbane The city of Brisbane has the highest number of market houses per capita of any major city in Australia.
It currently has an average of 1,907, which is almost three times the national average.
Brisbane also has the most house price growth of any Australian city.
Between April and July, house prices in Brisbane increased by an average rate of 1.2 per cent.
Sydney The Sydney market is also in the midst of an extraordinary market.
Sydney has seen prices increase by an impressive 4.3 per cent, with median house prices rising by more than 40 per cent in just two years.
But in the face of the unprecedented demand, the city has struggled to keep up.
Sydney’s house prices have risen by an incredible 10 per cent over the past year, but that has not helped ease the pressure on the property market.
There is a shortage of land and housing supply in Sydney, which has led to a sharp increase in the number of empty properties across the city.
Adelaide The city in South Australia is also experiencing an extraordinary property market, with house prices increasing by an amazing 11.3 percent.
In Adelaide, which was once home to just about everyone, the number a year is now almost double the national rate.
But this growth has not been matched by the supply of homes, as demand outstripped supply.
Adelaide’s property market has been hit by the recent high-interest rates, with the average house price in Adelaide rising by almost 50 per cent between January and July.
Melbourne The second biggest city in Melbourne, Melbourne is currently experiencing a significant supply shortage, and that’s having a big impact on the market.
The number of new market houses is increasing by almost 40 per% in the last two years, and a lot of the new supply has come from outside of Melbourne.
However, Melbourne’s real estate market is still a little more expensive than the rest of Australia, with average house prices at just over $1.8 million.
Adelaide is also one of the few cities in Australia that has experienced a significant housing shortage in recent years, with an average house value of just under $500,000.
Sydney, Melbourne are both experiencing a very strong demand for property.
It appears that demand is picking up in Australia, as Sydney and Melbourne are currently the two most expensive cities to buy a home in the world.
Perth The third largest city in Perth, Perth is experiencing a housing shortage, with just under one house per 100,000 people.
This is down from just under four per cent just over three years ago.
However there are signs of a housing bubble developing, as house prices are up more than 20 per cent since the start of the year.
Perth is also seeing an increase in property prices, with a median house price of just over £1 million.
However the lack of supply means prices are going up by almost a third between January to July, and will likely continue to do so.
Sydney Perth has been experiencing a strong property market for some time now, with prices rising at a rate of nearly 40 per to 50 per year.
However demand has not kept up with supply, which means prices in Perth are now much more expensive, compared with other Australian cities.
The real estate industry is still struggling to find the right balance between supply and demand, with many properties still being sold off quickly.
Adelaide Perth is currently undergoing a housing crisis.
As the housing market in Perth continues to grow at a rapid rate, it is no longer affordable to live in the city for the average Perth household.
A major issue for many of the city’s residents is that rents are set to increase by almost 15 per cent by 2021.
That’s the biggest increase in rent increases since 2009.
Adelaide has a housing affordability problem, and many of those residents have to move to other cities to find affordable housing.
However it’s clear that the city is still in the middle of a real estate boom.
This means there are still a lot more properties available in Perth than there are people in it.
The housing crisis is affecting every aspect of the Adelaide real estate scene, with people trying to get into the market while waiting for the supply to catch up.