November 03, 2013
The Melbourne and Sydney property markets are the real stars according to the latest RP Data and Rismark International October housing market results.
Melbourne home values increased by 1.2% in October, 3.8% over the past three months and 8.7% for the first ten months of this year.
More impressive was the white hot market in Sydney which increased 2.4% in October, 5.5% over the past three months and a whopping 13.4% for the first 10 months of 2013.
The strength of the Melbourne and Sydney markets helped Australia wide property values increase by 1.3% in October and 8.2% year to date.
Rismark CEO, Ben Skilbeck, said that Sydney market has now eclipsed its previous cyclical high and Melbourne is near its peak.
"Brisbane remains 8.4% below its highs, however there is evidence that growth conditions may be spreading to Brisbane with home values in that city rising by 1.4% over the month and 2.6% over the past three months."
Results in other parts of the country were mixed, with Adelaide (0.3%) and Darwin (1.6%) rising over the month, while Perth (-0.2%), Hobart (-2.3%) and Canberra (-1.5%) all fell.
To view the full RP Data Rismark International results click here.