Housing market update

Property values nationally continued to climb in August, rising 1.1% across our combined capital cities, bringing gains for the past 12 months to 7.0% nationwide.

Property values nationally continued to climb in August, rising 1.1% across our combined capital cities, bringing gains for the past 12 months to 7.0% nationwide. 

Sydney and Melbourne topped the league table of growth, with Sydney values rising 9.4% over the year to date, followed by Melbourne (up 9.1%), Canberra (7.6%) and Hobart (6.5%).

Values in Brisbane and Adelaide also climbed, rising 4.4% and 3.1% respectively.

Perth and Darwin continue to feel the impact of a weaker resource sector, with property values falling by 4.2% in both cities. 

Over the past year, houses have outperformed units, rising in value by 7.2% nationally compared to 5.5% for apartments. 

During the spring selling season, auction clearance rates across our combined capital cities were above 70% for five successive weeks, indicating strong demand at auctions particularly in Sydney and Melbourne. 

Nonetheless, the level of housing stock on the market is lower than it was 12 months ago. This, coupled with tighter lending policies and less offshore investment, could see value growth in Sydney and Melbourne start to slow, while property values are picking up in Hobart and Canberra, with Brisbane values expected to rise as well.

Tim Lawless, CoreLogic RP Data