Capital city housing values update

 

According to RP Data-Rismark’s Hedonic Home Value Index, capital city dwelling values in Australia rose by 1.6 per cent over the last three months – however, during the traditionally quieter month of August, value growth flat lined. 

Seven of Australia's eight capital cities registered capital gains over the last three months with the exception being Adelaide.

According to RP Data research director Tim Lawless, Sydney is proving to be one of the most consistent performing capitals this year: 

"Sydney dwelling values have increased over five of the past eight months providing a cumulative capital gain of 1.9 per cent over the year to date. Canberra (+1.4 per cent), Hobart (+3.9 per cent) and Darwin (+8.4 per cent) have also yielded owners capital gains over the first eight months of 2012." 

"In contrast, other capitals, like Adelaide (-1.3 per cent), Brisbane (-1.4 per cent), Perth (-2.5 per cent) and Melbourne (-2.6 per cent), have recorded tougher conditions this year." 

"In May 2012, Melbourne home values were down 5.1 per cent in just the first five months of the year. However, the bounce in the period since the RBA's May and June rate cuts has helped Melbourne values claw-back about half of these losses to be off a more palatable -2.6 per cent," Mr Lawless said. 

Highlighting the improved affordability over the past quarter, Mr Lawless points out that almost every capital city has recorded capital gains over the last three months:

"Improved affordability since June has helped dwelling values rise across every capital city over the three months ending August 2012, apart from Adelaide. The big question is, 'can this growth be sustained?' On the one hand, winter is seasonally slow, so these results have been encouraging."

For more information about the residential property market in your area of interest, please contact your local CENTURY 21 Real Estate office for expert, clear advice.

 

Posted by Charles Tarbey on 12/09/2012 at 12:00 AM | Categories:

1 Comments

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