Capital city dwelling values continued to rise in January, according to the CoreLogic Home Value Index.
Combined capital city dwelling values increased by 0.7% in January, which took values 10.7% higher over the past year. Moreover, over the three months to January, capital city dwelling values increased by 2.3%. These recent increases have taken the total value of residential value stock to $6.9trn, according to CoreLogic’s estimates.
Over the three months to January, Hobart recorded the greatest increase in values, rising by 5.8%. Sydney and Melbourne also recorded fairly substantial increases over the three-month period, with values rising by 2.7% and 2.4%, respectively. Darwin
was the only capital city where dwelling values fell in January.
Dwelling values rose by 10.7% over the 12 months to January 2017. Sydney dwelling values increased by 16% over the 12 months to January 2016, with Melbourne (11.8%) the only other city to record double-digit value growth over the year.
Dwelling values also increased over the year in the following capitals:
- Brisbane (4.4%)
- Adelaide (4.8%)
- Hobart (7.8%)
- Canberra (6.7%)
While values are rising across most capitals, values are -3.2% lower over the year in Perth
and -0.7% lower in Darwin.
Comparing the performance of houses to units, capital city house values rose by 11.1% over the 12 months to January compared to an 8% increase in unit values. With a near record-high pipeline of units under construction, it’s anticipated that the growth in unit values will continue to lag behind those of houses throughout 2017.
Suburbs with a median value of at least $1m have increased exponentially
Over the five years to December 2016, the number of suburbs nationwide with a median value of at least $1m has increased by a whopping 176%.
“There was a time in which having a dwelling worth $1 million or more meant that the property was exclusive and rare. Today dwellings with a $1 million valuation are becoming much more common,” said Cameron Kusher, head of research – Australia at CoreLogic RP Data.
At the end of 2016, there were 760 suburbs nationwide that had a median value of at least $1m. This figure was a significant leap from just 275 suburbs nationwide five years earlier.
“Units have been the big mover with the number of $1 million suburbs increasing by 479% over the five years compared to a 160% increase for houses,” Kusher said.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out