Melbourne has outperformed Sydney to be the best performing capital city property market during the three months to 31 August 2015.
According to data from CoreLogic RP Data, Melbourne dwelling values grew 8.0% during winter with Sydney the next best at 7.4%.
While growth during August was flat across the country at 0.3%, the quarterly combined capital city figure of 5.3% highlights how strong the housing market has been, especially in Melbourne and Sydney over the past 3 months.
With recent changes to investment lending including increased interest rates and a tougher qualification criteria, it will be interesting to see whether this has an effect on markets over the remaining months of 2015.
Highlights over the three months to August 2015
- Best performing capital city: Melbourne +8.0 per cent
- Weakest performing capital city: Darwin -3.2 per cent
- Highest rental yields: Darwin houses with gross rental yield of 5.5 per cent and Darwin & Hobart Units at 5.5 per cent
- Lowest rental yields: Melbourne houses with gross rental yield of 3.0 per cent and Melbourne & Sydney units at 4.1 per cent
- Most expensive city: Sydney with a median dwelling price of $773,000
- Most affordable city: Hobart with a median dwelling price of $320,000
The full CoreLogic RP Data results and commentary can be viewed here.