Data provider CoreLogic recently released rhe list of capital city suburbs with the largest average-land size based on sales over the 12 months to February. The report also found that the annual change for home values in these suburbs is usually superior to that across the broader capital cities.
CoreLogic revealed that Sydney house values have fallen by 11.5% over the period. Out of its five suburbs included in the list of suburbs with large land size, only Kenthurst has recorded a weaker annual change.
Melbourne house values also dropped by 11.5% over the past year, and all of the suburbs listed have seen more moderate value falls than that across Greater Melbourne.
Brisbane house values were 0.4% lower over the past year, and two of the five suburbs have posted a stronger annual change.
Perth house values slid by 6.7% with four of the five suburbs listed recording either value increases or more moderate drops than 6.7%.
On the other hand, Adelaide logged 0.9% annual increase in house values. Four of the five suburbs listed have seen stronger value growth over the past year.
Greater Hobart house values, likewise, grew—up 6.8% over the previous year. Three of the five suburbs listed have recorded growth higher than the capital’s.
House values in Darwin jumped by 0.2% over the past year, and three of the five suburbs with the largest average land sizes recorded greater value increases.
Canberra house values, meanwhile, climbed by 4.1% over the past year, but only two of the suburbs listed were able to surpass that result.
Overall, the data suggested that suburbs with larger average land sizes are holding up better in the housing downturn. In addition, the report indicates that many buyers value larger land sizes.
“As new development increasingly moves toward higher densities and smaller lot sizes for houses, large housing lots are likely to continue to be highly desirable. The desirability won’t just come from more space but also in some instances they will be desirable because of the potential for sub-division in the future,” CoreLogic said.
Source: Corelogic
