Sydney finished the month as the most expensive capital city with a medium dwelling price of $805,000.
While Sydney and Melbourne recorded the strongest growth conditions, the annual rate of capital gains has also moved into double-digit growth in both Hobart (+10.2%) and Canberra (+12.8%).
Rental conditions have shown a subtle improvement across most cities but yields slip to new record lows in Sydney and Melbourne.
While some rental markets have recently seen a rise in the pace of rental growth, generally, the trend in rental appreciation remained soft in comparison with the rate of capital gains; growth in dwelling values is substantially outpacing rental growth in Sydney and Melbourne and gross rental yields have again slipped to record lows in these cities.
Homes are selling in approximately 30 days across Sydney and Melbourne, while discounting rates are well below 5.0% in these markets as well.
Over the past 12 months, New South Wales and Victoria have accounted for just over two-thirds of the nation’s population growth.
The long-term average suggests a normal share of population growth in these two states is about 51%.
So, strong population growth is a significant contributor to the housing demand.
The past five years have seen this New South Wales and Victoria comprise about three-quarters of the national number of jobs being created as well.
The long-term average is substantially lower at about 55%.
YOU MAY ALSO BE INTERESTED IN READING:
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.