Home values across Australia’s capital cities increased by 1.4% in March, carried by a rebound in the Sydney market, according to the CoreLogic RP Data Home Value Index.
Sydney values recovered from a slowing of growth in December to be 3% higher over March, 5.8% up over the quarter and 13.9% over the year.
Tim Lawless, CoreLogic RP Data head of research, says the annual rate of growth across all the capital cities has moderated back to 7.4%, the slowest since September 2013.
Here are the details for each capital city:
“With stronger housing market conditions over the first three months of the year, annual home value growth across the Sydney market has rebounded after slowing to 12.4% in December 2014,” Lawless says.
Sydney is the only housing market where dwelling value growth remains in double digits. The next strongest performer, Melbourne, has an annual capital gain of 5.6%.
- Best performing capital city: Sydney +5.8%.
- Weakest performing capital city: Perth -2.7%.
- Highest rental yields: Darwin houses with gross rental yield of 5.7% and Darwin Units at 5.9%.
- Lowest rental yields: Melbourne houses with gross rental yield of 3.2% and Melbourne units at 4.1%.
- Most expensive city: Sydney with a median dwelling price of $690,000.
- Most affordable city: Hobart, with a median dwelling price of $310,00.
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