Capital Cities Record Dwelling Value Increase

Six of Australia’s eight capital cities recorded a rise in dwelling values in August, according to the CoreLogic Home Value Index, which recorded a 1.1% increase.

In Sydney and Melbourne, dwelling values continued to increase at more than 1% month-on-month, with the cumulative growth over the cycle (June 2012 to date) now reaching 64% in Sydney and 44% in Melbourne.   

This result highlights the differences in growth trends across the capital cities over the same time period.  Outside of Sydney and Melbourne, the third highest rate of capital gain over the cycle to date was in Brisbane at 18%, and was as low as 4% over this same period in Darwin.

CoreLogic head of research, Tim Lawless, said the most recent 12-month period had seen dwelling values rise by a lower 7% per annum.  However, the rate of annual growth in Sydney was now 9.4% and, in Melbourne, 9.2% per annum.

“For the remaining capital cities, each city continued to show a modest trend in value appreciation.  Signs are emerging that the pace of capital gains may be accelerating across Canberra and Hobart, with dwelling values up 7.6% and 6.5% respectively over the past 12 months. One year ago, Canberra’s annual growth rate was negative, at -0.9%, while in Hobart, values increased by only 1.5%.”

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