July 29, 2014
Data released by property market research firm Residex has revealed Australian houses and units have increased 7.09% and 7.70% respectively in the last 12 months.
Leading the way was the Sydney market, which saw houses increase 15.37% and units by 13.30% for the 2013/14 financial year. This growth equates to an increase in value of almost $110,000 and $67,000 respectively.
The second best performing capital city market was Melbourne, where house values increased 8.32% and units by 6.04%.
Standout growth suburbs in Melbourne houses were Balwyn North 21.83% and Balaclava 21.41%, while in units Vermont 16.35% and Forest Hill 16.08% performed strongest.
Almost all major metropolitan regions recorded positive growth to June 2014, the exceptions being Darwin houses (-1.1%) and Tasmanian units (-0.21%).
Residex's analysis indicates that growth has cooled recently as the Sydney and Melbourne markets come off there previous high growth rates.
Residex's July Property Update can be read here.