Sydney heads a rebound in the property market

June 01, 2016
David Wilson

Defying predictions of a slow down, the Sydney property market rebounded strongly, growing 3.1% for the month of May and 6.6% for the quarter.

Data released by CoreLogic shows the Sydney result contributed to dwelling values across Australia rising 1.6% for May, taking the annual growth rate to 10%.

Other capitals to record a rise of over 1% for the month were Melbourne (1.6%), Canberra (2.5%) and Hobart (2.2%). Perth was the only city to to record a fall during May, down 2.7%.

CoreLogic head of research Tim Lawless said, "Lower mortgage rates are likely to have a positive effect on consumer confidence and housing market conditions, with the standard mortgage rate now at its lowest level since 1968."

Highlights over the three months to May 2016
Best performing capital city: Sydney +6.6%
Weakest performing capital city: Perth/Hobart -1.0%
Highest rental yields: Hobart houses with gross rental yield of 5.3% and Hobart Units at 5.5%
Lowest rental yields: Melbourne houses with gross rental yield of 2.9% and Sydney units at 4.0%
Most expensive city: Sydney with a median dwelling price of $782,000
Most affordable city: Hobart with a median dwelling price of $335,000

The full CoreLogic RP Data results and commentary can be viewed here.

Posted in: Property investment

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