Property market makes a strong start to the year

In a strong start to 2015, capital city dwelling values have risen 1.3 per cent in January.

Data relased by CoreLogic RP Data shows that the two-tiered housing market of 2014 is continuing with strong gains recorded across Melbourne and Sydney.

Melbourne values rose 2.7 per cent for the month, taking the annual growth rate to 7 per cent which is the second strongest in the country. Sydney continued its strong run with monthly values increasing 1.4 per cent for an annual growth rate of 13 per cent.

Other capital cities that recorded monthly growth were Hobart 1.6 per cent, Canberra 0.9 per cent and Brisbane 0.6 per cent. While losses were recorded in Darwin -1.3 per cent, Adelaide -1.2 per cent and Perth -0.6 per cent.

According to CoreLogic RP Data Head of Research Tim Lawless, Sydney has shown the highest aggregated capital growth of any capital city in the years after the GFC. From January 2009 through to January 2015 Sydney home values have increased by 57 per cent.

The second highest rate of growth over the same period has been Melbourne where values are 50 per cent higher. There is a significant gap between the next best performers over the same six year period. Darwin has seen less than half the level of growth at 24 per cent, followed by Canberra at 18 per cent and Perth at 17 per cent total growth" Mr Lawless said.

The full CoreLogic RP Data January report can be viewed here.
 

Posted in: Property market

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