Melbourne’s residential property market has outpaced Sydney’s and in fact all the other capitals, for the third quarter in a row.
Real estate prices in Melbourne rose 3 per cent over the three months to June, according to the latest Australian Bureau of Statistics data, while Sydney had an increase of 2.3 per cent.
On a weighted average basis, home values across Australia’s capital cities rose by 1.9% leading to an annualised gain of 10.2.
According to the ABS:
- Melbourne property prices grew 3 per cent in the three months to June 30, outpacing a national average of 1.9 per cent,.
- Sydney was second strongest for growth over that period at 2.3 per cent, followed by Hobart at 1.8 per cent and Canberra (1.3 per cent).
- Perth and Darwin recorded falls of 0.8 per cent and 1.4 per cent respectively.
These figures reflect the June quarter, but since then the property markets in our two big capital cities have lost some momentum but the Melbourne property market seems to be holding up better buoyed by its stronger population growth.
Sydney auction clearance rates are falling, more properties are being sold prior to auction and home upgraders are staying put and often renovating rather paying the high price required to move house
Looking ahead there are no obvious signs of a property crash ahead – just signs of more modest growth.
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