Quarterly Review: Australian Residential Property Market and Economy

Across the individual capital cities, the market performance has been quite diverse.

The national housing market has continued to show growth over the past quarter with capital city home values increasing by a further 2.7% according to the CoreLogic Home Value Index. The increase in values has taken the total value of residential property nationally to $6.7 trillion at the end of October 2016. The annual rate of value growth has been recorded at 7.5% to October 2016 and although that is a lower rate of growth than the 10.1% a year earlier, it has trended higher from a recent low of 6.1% in July 2016 as housing market conditions have accelerated over the second half of the year in Sydney, Melbourne and Canberra.

Across the individual capital cities, the market performance has been quite diverse. Values have risen by as much as 10.6% over the past year in Sydney and fallen by as much as -3.8% in Darwin. Sydney and Melbourne have consistently recorded superior value growth over recent years to that of the other capital cities.

The current growth phase for capital city home values commenced in June 2012, almost four and a half years ago, and since that time capital city home values have increased by 42.0%. To put the geographic differences in growth into perspective, over the current growth phase Sydney home values are 65.9% higher and Melbourne values are up 48.6%, the capital city with the third highest rate of growth was Brisbane where values have increased by a much more modest 19.0% over the period.

 

 

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