The strong growth rate was mostly related to a 2.4% surge in Melbourne dwelling values while Sydney recorded flat conditions and dwelling values fell across Adelaide, Darwin and Hobart.
- Best performing capital city: Melbourne +7.4%
- Weakest performing capital city: Hobart -2.0%
- Highest gross rental yields: Darwin houses at 5.4% and Darwin Units at 5.8%
- Lowest gross rental yields: Melbourne houses at 2.9%. Melb. & Sydney units at 4.1%
- Most expensive city: Sydney, with a median dwelling price of $785,000
- Most affordable city: Hobart, with a median dwelling price of $303,500
In Darwin, dwelling values fell by 3.9 per cent over the twelve months to the end of September, while in Perth, values were 0.9 per cent lower over the year. Adelaide home values dropped by 0.3 per cent, and Hobart values are 0.2 per cent lower.
CoreLogic research director, Tim Lawless, said the downwards pressure on prices was due to weakening labour markets, slower population growth and less demand for housing.
CoreLogic’s analysis of houses versus apartments reveals some substantial differences in market performances across the capital cities. The results don’t show a great deal of difference with house values up 4.0 per cent and unit values rising by a slightly lower 3.9 per cent.
There was also a stronger result for detached housing compared with apartments. Capital city house values are up 11.6 per cent over the past twelve months compared with a 7.3 per cent rise in unit values.
The only capital city where apartments have outperformed detached houses over the past twelve months has been in Hobart, where apartments comprise only around one fifth of dwelling sales.
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