Home Values Fall In Sydney And Melbourne As Housing Market Moves Through Peak Of Cycle
By CoreLogic RP Data on 1 Dec 2015
No Comments yet, your thoughts are very welcome
Photo Source: thenewdaily.com.au
The CoreLogic RP Data November Home Value Index out today confirmed dwelling values fell across five of the eight capital cities in Australia over the month, taking the combined capitals index 1.5 per cent lower.
According to CoreLogic RP Data head of research Tim Lawless, slower housing market conditions for Sydney and Melbourne became evident earlier in the year and continued throughout November. Over the month, Melbourne values fell by 3.5 per cent, while Sydney values were down 1.4 per cent. Hobart dwelling values dropped by 2.4 per cent, Darwin values were down 1.3 per cent and dwelling values moved 0.5 per cent lower in Canberra.
Overall the combined capitals housing index has seen dwelling values drop by 1.5 per cent over November, taking the rolling quarterly rate of change to -0.5 per cent. Values rose in the remaining three capital cities, with Adelaide showing the highest month-on-month growth rate (0.7 per cent), followed by Brisbane (0.6 per cent) and Perth (0.3 per cent).
Highlights over the three months to November 2015
- Best performing capital city: Canberra +2.0 per cent
- Weakest performing capital city: Hobart -2.9 per cent
- Highest rental yields: Hobart houses with gross rental yield of 5.4 per cent and Darwin Units at 5.5 per cent
- Lowest rental yields: Melbourne houses with gross rental yield of 3.0 per cent and Sydney units at 4.1 per cent
- Most expensive city: Sydney with a median dwelling price of $810,000
- Most affordable city: Hobart with a median dwelling price of $335,000
