Which Australian markets are the biggest gainers of 2016 so far?
Which Australian markets are the biggest gainers of 2016 so far?
Notable gains for Darwin and other cities
Australia’s capital cities is on track to finish 2016 strong with double-digit gains in residential property values over the past year.
The year-on-year growth for home prices in Sydney and Melbourne topped 13.1 percent and 11.3 percent last month, respectively, according to the CoreLogic November Hedonic Home Value Index released last week.
Darwin home values also grew 1.1 percent over the same period, marking the first positive showing on the index for the city since February 2015.
At 8.5 and 8.4 percent, Hobart and Canberra registered the highest annual growth rates after Sydney and Melbourne. Only Perth showed a dip in home values, slipping by 3.4 percent year-on-year while Brisbane, Adelaide, and Darwin made positive leaps.
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Tracking home values between October and November, however, the index shows a fall in Melbourne prices (1.5 percent) while all other capital cities entered positive territory.
“Delving into the Melbourne results in more detail showed that unit values were down a larger 3.2% in November, while Melbourne house values declined by 1.3% over the month,” said Tim Lawless, research director at CoreLogic.
Dwelling values in Sydney and Melbourne have increased 67.3 percent and 46.3 percent since 2012. The median home price currently stands at AUD845,000 (USD630,000) in Sydney and AUD623,500 (USD465,000) in Melbourne.
“Disaggregating this growth figure highlights the diversity in market conditions with Sydney and Melbourne at one end of the spectrum experiencing an increase in dwelling values over this period,” Lawless said.
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Source: Property Report