ABS house price index shows the property market is changing

ABS house price index confirms a strong Sydney property market but Melbourne’s performance was modest.city property gap

The ABS December quarter established house price index results released today confirmed Sydney remains the clear runaway leader for capital city housing market performance.

The Sydney index increased by 3.4 percent over the quarter, well ahead of the next best Melbourne and Brisbane that increased by 1.5 percent.

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[sam id=54 codes=’true’]  Unsurprisingly, Sydney also recorded the highest increase in the index over 2014 – up by 12.8 percent.

This was again well ahead of the equal second placed Melbourne and Brisbane markets where established house price indices increased by 5.4 percent.

Although recording the strongest annual result of all the capitals, the Sydney index increase last year was nonetheless below the rise of 16 percent recorded over 2013.

The Brisbane property market recorded a similar annual result to the 5.7 percent increase recorded over 2013. 

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The Melbourne established house price index however weakened sharply over 2014 reporting nearly half of the 10 percent recorded over 2013.

Other capital city markets produced patchy results with Perth, similar to Melbourne, also falling sharply over 2014. 

The Canberra established house price index however increased by 2.6 percent over 2014, a significant improvement over the fall of 0.3 percent recorded over 2013.



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Andrew Wilson

About

Dr Andrew Wilson is Australia’s leading housing market expert. As senior economist for Fairfax-owned Domain Group, Dr Wilson is one of the nation’s most respected real estate analysts and Australia’s highest profile housing market commentator. Visit his blog at Domain


'ABS house price index shows the property market is changing' have 2 comments

  1. February 11, 2015 @ 1:29 pm patricia dass

    Hia ,
    Thank you for all the informative and updated articles you post daily.
    i just wanted to know the appraisal outlook and value of a unit i bought in 2011 at inner city melbourne elizabeth street ( next to victoria market.Its a 2b/room 1 bath apartment.
    Can u access if it is a good buy what should i do as i need cash.I bought it for $505K

    Reply

    • February 11, 2015 @ 1:58 pm Michael Yardney

      Patricia
      Unfortunately most new and off the plan properties in the Melbourne CBD have not increased in value over the last few years. In fact most have dropped in value a bit as there is a significant oversupply of this type of property.

      Reply


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