House prices up across Australia’s capitals
Capital city housing markets have seen their 52nd consecutive week of price growth.
The CoreLogic Hedonic Home Value Index has shown strong growth for Australia’s capital city property markets over the September quarter. House prices edged up 2.9% for the quarter, with a 1% gain over the month of September. The result brings capital city dwelling values 41.3% higher since the beginning of the current growth cycle in June 2012.
Melbourne was the country’s top performer, with dwelling prices up 5% over the quarter. The rise was largely driven by detached houses, which increased 5.2%R in value. Units rose 2.9% over the same period. Canberra recorded the second highest growth at 4.5%, followed by Sydney at 3.5%.
Darwin, meanwhile, was the weakest housing market. Dwelling values fell 4.5% over the quarter. Perth also saw a decline, with dwelling values falling 3.2%. Brisbane saw a marginal drop of 0.3%, which CoreLogic attributed to larger declines in unit prices.
“While the headline rate of growth remains positive across most cities, the majority of capital cities have seen their growth trend moderate compared with a year ago. The only capital city markets where the current quarterly rate of growth was higher compared with the September 2015 quarter was Hobart, Canberra and Adelaide,” CoreLogic research head Tim Lawless said.
Lawless said Sydney’s quarterly capital growth rate had peaked over the June quarter of 2015 at 7.4%, while Melbourne had peaked during the same quarter at 7.9%. Nevertheless, he said strong growth was continuing in both Sydney and Melbourne, driven by high auction clearance rates.