Melbourne has finished the January with the the lowest rental yielding market for houses, averaging 2.7%.
The largest month-on-month gains were recorded in Hobart (+1.4%), Sydney (+1.0%) and Melbourne (+0.8%).
On a quarterly basis, the CoreLogic January index results confirmed that all capital cities recorded a rise in dwelling values, with Hobart in the lead, recording a 5.8% rise in dwelling values over the three months to the end of January.
Melbourne (+2.4%) also posted strong increases over the rolling quarter.
Recent auction results also provide some affirmation of the strong start to the New Year; the last week of January saw a combined capital city preliminary clearance rate of 75%, with 80% of Sydney auctions clearing and 86% of Melbourne auctions clearing.
While auction numbers are ramping up from a seasonal slowdown, early CoreLogic results indicate sellers remain in the drivers’ seat across the Sydney and Melbourne property market – the two largest auction markets in Australia.
Metadata flowing across CoreLogic valuation platforms is showing more than 40% of off-the-plan settlement valuations are coming in under contract price across the Melbourne, Brisbane and Perth unit sectors.