Annual capital city growth trend reaches new high

01 March 17

Capital city dwelling values rose a further 1.4% in February, with Sydney continuing as the overall capital gains leader.

The monthly CoreLogic Hedonic Home Value Index reported a further rise in the value of capital city dwellings in February, with values rising 1.4% over the month. The strong capital gain over February was led by Canberra (+3.2%) and Sydney (+2.6%), with Melbourne (+1.5%) and Hobart (+1.0%) also returning significant increases. In contrast, dwelling values were down over the month across Darwin (-4.3%), Perth (-2.4%) and Brisbane (-0.4%).

Growth conditions have accelerated since mid-2016 CoreLogic head of research Tim Lawless said, ?At a combined capital city level, growth conditions have been rebounding since the middle of last year when, on two separate occasions, interest rates were cut, and investor demand commenced trending higher.?

?Prior to capital gains accelerating half way through last year, the growth trend had been moderating, reaching a cyclical low point over the twelve months ended July 2016 when the annual change in capital city dwelling values slowed to 6.1%.?

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