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Sydney house values continue to rise while Perth's fall



An end to the mining boom is believed to be a major cause for driving the Perth housing market down. According to the Core Logic RP Data Hedonic Home Value Index for August, Perth suffered a 1.3 percent slide in house values for the quarter. This was only shaded by Canberra, the worst performing capital city, which saw a 1.7 percent fall. The best performing capitals were Sydney and Adelaide which had 1.1 and 0.7 percent rises respectively.

The combined capital growth for Australia in the past year stands at 10.2 percent. However a closer look at the data would show that this figure is largely due to stand out performers Sydney and Melbourne. Annual growth rate data shows that there is a large gap between leading city Sydney and the rest of country. Sydney’s annual growth rate of 17.6 percent put it way in front of the next highest growth rate, 10.2 percent reached by Melbourne. Core Logic RP Data head of research, Tim Lawless, said that Sydney’s high annual growth rate has come after strong performances in the past 2 years. “Since the beginning of 2009, (Sydney) has recorded a cumulative capital gain of 76 percent,” Mr Lawless said. This equates to an approximate increase in value of a typical Sydney home of $309,000 since 2009.

The other capitals to have positive growth for year were Brisbane (3.9 percent), Adelaide (1.8 percent) and Hobart (1.5 percent). Perth’s negative growth rate of 1.8 percent for the year was topped only by Darwin’s 4.6 percent slide. According to Mr Lawless “Darwin and Perth have certainly felt the brunt of the downturn in resources investment”. The current market conditions in Perth and Darwin are expected to continue over the next year.

Last modified on Wednesday, 09 September 2015 09:59

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