Reform calls to rise as residential property hits $7.1 trillion nationally

first_imgBrisbane saw growth of 2 per cent in the past year. Picture: Glenn Hunt/Getty ImagesCALLS for housing market reforms are expected to “grow louder” with the housing market passing its fifth year of growth, hitting $7.1 trillion in value nationally.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours agoThe latest CoreLogic Quarterly Housing and Economic Review found that despite combined capital city dwelling values hitting their slowest quarterly growth rate since December 2015 (0.8 per cent), Sydney and Melbourne were still powering ahead.CoreLogic found Sydney and Melbourne were the only capital cities to record double-digit value growth in the past year, rising 12.2 per cent and 13.7 per cent respectively. Growth over the past 12 months came in at 9.6 per cent nationally, said CoreLogic research analyst Cameron Kusher, with residential property now estimated at $7.1 trillion.“With affordability becoming stretched we are seeing increasing pushes for housing market reform from Government. These calls are expected to only grow louder the longer the current growth conditions persist,” he said.Across the other capitals, growth was much more subdued: Brisbane (2.0 per cent), Adelaide (2.4 per cent), Hobart (6.8 per cent) and Canberra (9.6 per cent) with Perth (-1.7 per cent) and Darwin (-7.0 per cent) contracting.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *