Yesterday I explained how the latest RPData figures showed that dwelling values across Australia’s capital cities finished 9.8% higher over the year 2013.
Of course there’s not one Australian property market and as always our markets were fragmented, with different states performing differently, so today I’d like to have a look at our the different states performed…
In their press release RPData also provided a brief summary of the performance of each capital city. Here’s what they said:
House values increased by 15.2 per cent which was much greater than the 11.6 per cent increase in unit values.
Value growth has outstripped rental growth over the past year and as a result, gross yields are currently recorded at 3.9 per cent for houses and 4.7 per cent for units compared to 4.3 per cent and 5.0 per cent respectively a year ago.
Annual value growth for units (8.7%) has slightly outstripped that of houses (8.5%) over the past year.
The growth in rental rates has meaningfully underperformed value growth which has resulted in yield erosion. Gross rental yields remain the lowest of any capital city and are currently recorded at 3.4 per cent for houses and 4.2 per cent for units.
At the same time a year ago, yields were recorded at 3.6 per cent for houses and 4.4 per cent for units.
House values have increased by 5.3 per cent over 2013 compared to a 3.5 per cent increase in unit values.
Value growth has only slightly outpaced rental growth however it has resulted in gross house yields falling from 4.7 per cent a year ago to 4.6 per cent currently and unit yields easing from 5.6 per cent to 5.5 per cent.
Value growth across Adelaide has been comparatively moderate over the year with house values increasing by 3.0 per cent and unit values lifting by just 0.6 per cent.
Over the year there has been no change to gross rental yields for houses, remaining at 4.3 per cent however, unit rental yields have increased to 4.9 per cent from 4.8 per cent a year ago.
The annual growth in house values (10.2%) was much greater than the increase in unit values (6.3%).
The growth in home values has well and truly outstripped rental growth and gross rental yields on the typical Perth house have fallen from 4.5 per cent a year ago to 4.2 per cent currently.
Similarly, unit yields have fallen to 4.8 per cent from 5.0 per cent a year ago.
House values across the city rose by 2.9 per cent in 2013 compared to a -5.1 per cent fall in unit values.
House values have grown faster than rents and as a result gross yields have fallen to 5.3 per cent from 5.4 per cent a year ago.
Conversely, unit values have fallen at a faster pace than rents and subsequently gross yields have increased from 5.2 per cent to 5.6 per cent.
House values have increased by 5.1 per cent over the year whereas unit values have fallen by -3.9 per cent.
12 months ago, gross rental yields for houses were recorded at 6.1 per cent and for units at 5.9 per cent. Currently, gross rental yields sit at 6.0 per cent for houses and 6.2 per cent for units.
House values have increased by 3.7 per cent in 2013 compared to a more moderate 1.5 per cent annual increase in unit values.
Canberra has recorded falling rental rates over the year and yields have subsequently fallen to 4.4 per cent for houses and 5.2 per cent for units.
At the same time a year ago, they were recorded at 4.8 per cent and 5.6 per cent respectively.
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