Housing market overview
Australia’s housing market has broadly been in an upswing since June 2012, with dwelling values across CoreLogic RP Data’s combined capital city index having increased by 22.2 per cent through to January 2015.
With the release of CoreLogic RP Data’s latest Capital Markets Report for 2015, we take a look at some of the major metrics and statistics making headlines:
- Houses have consistently outpaced units for value growth over recent growth phases
- However, Australia’s appetite for for units, particularly in the inner city areas for major capital cities has increased considerably
- The property market shows a great deal of diversity with Australia’s two largest cities, Sydney and Melbourne leading the way
- Coastal and lifestyle markets are gradually recovering from previously soft conditions
- While low mortgage levels are creating further market stimulus, there is likely to be some counter balance coming from a decline in housing affordability, weaker rental yields and tighter lending conditions as federal regulators step up their vigilance on lending standards.
- The rate of economic growth in Australia has slowed over recent years as investment in the resources sector has moderated
Capital city performance breakdown
- Canberra was the only capital city in which home values fell over the year, down 0.3 per cent.
- Sydney recorded the highest level of growth over the year, with values increasing by 13.0 per cent.
- Melbourne achieved 7.0 per cent growth
- Brisbane reached 4.6 per cent
- Adelaide had 3.1 per cent growth
- Hobart 3.0 per cent
- Perth 2.6 per cent
- Darwin 1.4 per cent