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Melbourne Housing Market Update [Video] – March 2017

The monthly CoreLogic Hedonic Home Value Index reported a further rise in the value of capital city dwellings in February, with values rising 1.4% over the month.

Melbourne has remained at the top of the capital gain tables over the past two cycles.

Over the past 12 months Melbourne house values have increased by 14.2% percent while unit values are up by substantially lower 3.3%. 

Since the beginning of 2009,  the Melbourne housing market values are 87.7% higher.

The second most expensive capital city, Melbourne, has a dwelling price to income ratio of 7.1.

At a combined capital city level, growth conditions have been rebounding since the middle of last year when, on two separate occasions, interest rates were cut, and investor demand commenced trending higher.

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The Melbourne housing market has maintained a strong rate of growth with dwelling values rising further 1.5 mission over the month, to leave 13.1 percent higher over the past 12 months, and 54% percent higher since the current growth cycle commenced almost five years ago.  view from st kilda melbourne victoria state city live boat bay lifestyle

While the headline growth rate across Melbourne has been impressive such a long and strong growth cycle has created some headwinds for first-home buyers who are struggling with affordability another consequence of the strong capital gains.

Prior to capital gains accelerating half way through last year, the growth trend had been moderating, reaching a cyclical low point over the twelve months ended July 2016 when the annual change in capital city dwelling values slowed to 6.1%.

YOU MAY ALSO BE INTERESTED IN READING:

Perth Housing Market Update [Video] – March 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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