Sydney property values rise 6.6%
Released 1 February 2011
Over 2010, Melbourne was the best performer with an increase of 8.4% and Perth and Brisbane were the worst down 2.3% and 1.0% respectively.
In the ‘Rest of State’ markets, which cover the 40% of homes not located in the capitals, dwelling values rose by just 0.8%.
Rismark’s managing director, Christopher Joye, commented, “The RBA’s four interest rate hikes in 2010, which were topped up by a fifth via the banks, conspired to snuffle out capital growth during the remainder of the year. Indeed, the capital city housing market very clearly peaked in May 2010, and remains below this point today.”
In the December quarter, Australian dwelling values were broadly stable. In the capital cities, RP Data-Rismark’s National Hedonic Index rose by only 0.4% (seasonally-adjusted). In the ‘Rest of State’ markets, house values were off by 0.4% per cent in seasonally-adjusted terms.
Melbourne dwelling values led the way in the December quarter with 1.1% capital growth, followed by Sydney up 0.9% and Adelaide up 0.4%.
Across the cities, the most expensive capital city is Sydney ($525,000), followed by Canberra ($510,000), Melbourne ($505,000), Darwin ($481,000), Perth ($465,000), Brisbane ($435,000), Adelaide ($387,000) and Hobart ($325,500).