Here’s what’s happening to our property markets around the country.
The CoreLogic RP Data Home Value Index results for September 2015 were released the week before last, showing another strong headline growth figure, however, digging below the surface reveals that the Sydney and Melbourne property markets are still the only capital cities to be recording exceptionally high rates of capital gain.
Capital city dwelling values increased by a healthy 0.9% over the first month of Spring, taking the quarterly rate of growth to 4.0% and annual rate of growth to 11.0%.
The strong growth rate was mostly related to a 2.4% surge in Melbourne dwelling values over the month, while Sydney recorded flat conditions and dwelling values fell across Adelaide, Darwin and Hobart.
Looking at the individual capital city housing market performances you can see a disparity in the rate of value growth between Sydney and Melbourne and all other capital cities.
While Sydney home values have increased by 16.7% and Melbourne’s by 14.2% over the past year, four capital cities have actually recorded value falls.
Furthermore, Brisbane recorded the third highest rate of capital growth however, it is a comparatively minor 4.6% increase in value relative to Sydney and Melbourne.