November 03, 2014
Despite a slow down in growth, property prices in Melbourne & Sydney continued to rise during October, according to property research company RP Data.
Melbourne was the best performing capital city during October with dwelling values rising by 1.9 per cent, followed by Sydney (1.3%) and Brisbane (0.6%).
All other capital cities recorded negative growth for the month, with Hobart suffering the biggest fall of 2.4 per cent.
On an annual growth basis, Sydney (13.1%) and Melbourne (8.9%) are still the best performing markets, with the rest of Australia well below these growth figures.
Commenting on the results, Tim Lawless from RP Data said, "Looking at the increase in home values over the 12 months to October, it is clear that the rate of capital growth is continuing to moderate."
"Despite the annual rate of growth slowing, all capital cities have still recorded an increase in home values over the past year. Home values across the combined capital cities have increased 8.9 per cent over the twelve months ending October 14, which has slowed from a peak of 11.5 per cent in April of this year," Mr Lawless said.
Sydney is still the most expensive city with a median dwelling price of $680,000, while Hobart is the nation's most affordable at $315,000.
To download the full RP Data report, click here.