Following yesterday’s reported 1.52% rise in the 5-city daily house price index over July, RP Data has today released their full report (below), which also contains price results for the other major capitals – namely Hobart, Canberra and Darwin – as well as for the rest-of-state:
According to the release:
“The housing market is being buoyed by very positive conditions in Sydney, Perth and to a lesser extent Melbourne, with residential values in these cities now 3.7 per cent, 4.4 per cent and 2.4 per cent respectively higher over the past three months alone. At the other end of the scale you have cities like Adelaide, Brisbane and more recently Darwin where conditions are more sedate with dwelling values slipping lower over the past quarter”…
According to Mr Lawless, a typical capital city dwelling is selling in just 45 days compared with 59 days at the same time a year ago. Vendors are discounting their prices less and clearance rates remain close to 80 per cent in Sydney and slightly lower in Melbourne.”
“With the housing market once again showing solid capital gains and rents also rising, the issue of housing affordability is likely to begin attracting more attention.
“The recent housing market correction which bottomed in May 2012, where values were down 7.4 per cent from peak to trough across the combined capital cities, together with mortgage rates moving to historically low levels, delivered substantial affordability improvements for Australian housing. However, with Sydney, Perth and Canberra values now back at record high levels and some other capital cities not far off their previous peaks, there are likely to be a growing number of households who find it challenging to enter the housing market,” Mr Lawless said
Full release below.
RP Data Home Values Results (July 2013)
