ABS house price index confirms a strong Sydney property market but Melbourne’s performance was modest.
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.
[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.
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.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.