The Value of Australian Capital City Homes Has Increased More Than 10% Over The Financial Year

Australia’s capital city dwelling values have ended 10.1% up for the 2013-2014 financial year.

The June RP Data Rismark Hedonic Home Value Index finished the financial year only slightly into double digit growth figures, with capital city dwelling values moving 1.4% higher for the month after posting a 1.9% decline in May.

Over the 2013-2014 financial year the top performing cities for capital gains have been Sydney and Melbourne where dwelling values are up 15.4% and 9.4% respectively across each city.

The Brisbane housing market, where conditions have generally remained relatively sedate, is now gathering some pace with dwelling values moving 7% higher over the past twelve months, the third strongest result of any capital city.

The index results show the softest performances over the past year have been recorded in Hobart (2.5%), Canberra (2.9%) and Adelaide (2.9%).

Here’s the detail for the year:

Over the month of June 2014, capital city dwelling values have shown a 1.4% capital gain with all apart from Adelaide and Darwin recording a rise.

According to RP Data research director Tim Lawless, the strong result has partially reversed last month’s 1.9% fall and provides a -0.2% decline in dwelling values over the June quarter.

Highlights over the three months to June 2014 include:

  • Best performing capital city: Sydney +1%
  • Weakest performing capital city: Melbourne, -2.4%
  • Highest rental yields: Darwin houses with gross rental yield of 6.1% and Darwin Units at 5.9%
  • Lowest rental yields: Melbourne houses with gross rental yield of 3.4% and Melbourne units at 4.3%
  • Most expensive city: Sydney with a median dwelling price of $690,000
  • Most affordable city: Hobart with a median dwelling price of $328,000

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