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Melbourne Housing Market Update [Video] – February 2017

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.

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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.

YOU MAY ALSO BE INTERESTED IN READING:

National Housing Market Update [Video] – February 2017



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Tim Lawless

About

Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au


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