Property news roundup: India’s Ahmedabad residential market trends and insights, and other headlines

For PropertyGuru’s real estate news roundup, delve deep into the key developments that shaped the Ahmedabad residential market in 2023 to shed light on what lies ahead for this Indian metropolis. In other headlines, according to the Philippines’ central bank, residential property prices went up in Q4 2023. Last but not least, Sydney, Brisbane, and Adelaide markets top CoreLogic’s chart for the highest annual dollar value growth in Australia in the past 12 months.

Exploring the pulse of Ahmedabad’s residential market: Trends and insights

Ahmedabad, Gujarat’s vibrant metropolis, known for its cultural heritage and commercial prowess, has seen a recent shift in focus in its real estate sector, reflecting adaptability and transition to modern living. This Indian city’s residential market has experienced a notable upward trajectory, showcasing its remarkable growth and progress and underscoring Ahmedabad’s status as a prime destination poised for further growth and investment opportunities.

Ahmedabad presents a unique blend of culture, commerce, and convenience, making it an attractive destination for homebuyers and real estate investors alike.

Housing.com delves into the key developments that shaped the Ahmedabad residential market in 2023 and sheds light on what lies ahead.

Philippines residential real estate prices up in Q4 2023

Residential real estate prices went up year-on-year in Q4 2023 but registered a contraction quarter-on-quarter.

Residential Real Estate Price Indices (RREPI) data released by the Bangko Sentral ng Pilipinas (BSP) to the PNA showed a 6.5 percent YoY increase in residential real estate prices nationwide.

The BSP however said that QoQ, the index recorded a contraction of 3.6 percent.

The RREPI is a measure of the average change in the prices of various types of housing units, such as single-detached or attached houses, duplex housing units, townhouses, and condominium units, based on banks’ data on actual mortgage loans granted to acquire new housing units.

Growth in residential property prices in the National Capital Region rose by 4.3 percent as the growth in the prices of single-detached or attached houses and townhouses outweighed the decline in the prices of condominium units.

Residential property prices in the Areas Outside the NCR (AONCR), on the other hand, went up by 7.8 percent.

The BSP said growth was “driven by annual increases in the prices of all types of housing units, except for duplex housing units where growth contracted.”

Sydney, Brisbane, and Adelaide markets top CoreLogic chart for highest annual dollar value growth

This month in CoreLogic’s Housing Chart Pack, The Real Estate Conversation takes a deeper dive into SA3-level performance over the past year, comparing annual percentage growth to annual dollar growth.

CoreLogic Head of Research Eliza Owen said some of the best value markets have floated to the top of the league tables regarding percentage capital growth.

“Armadale in the southeast suburbs of Perth has a median dwelling value of AUD609,672, and values have risen a whopping 28.6 percent over the past year. Each of the top 10 SA3 markets with the highest growth rates were in Perth and Brisbane,” Ms Owen said.

“However, looking at growth by dollar value sheds some new perspective on how we look at value change over time. For example, the 28.6 percent uplift in Armadale is the equivalent of an uplift in the median value of around AUD136,000. This is a notable increase, but it pales in comparison to some of the dollar value gains in the higher end of the market.”

For example, in Sydney’s Warringah, home values rose 14 percent in the past 12 months, the equivalent rise in the median home value topped the list of dollar value gains at AUD254,000.

Ms Owen said even though relatively small percentage-value increases can mean big gains in dollar terms, this doesn’t mean the high end of the market is the best option for investors seeking capital gains. She said the high end of the market is much less accessible (the median dwelling value in Warringah is over AUD2 million). This means transaction costs are higher, and more money would need to be concentrated in a single asset instead of the ability to spread capital across multiple markets.

The Property Report editors wrote this article. For more information, email: [email protected].