Still big difference in prices - Sydney's $920,000 to Melbourne's $665,000 for houses: CoreLogic

Still big difference in prices - Sydney's $920,000 to Melbourne's $665,000 for houses: CoreLogic
Still big difference in prices - Sydney's $920,000 to Melbourne's $665,000 for houses: CoreLogic

There's big difference in prices between the big two capitals.

Sydney's $920,000 to Melbourne's $665,000 for houses.

Sydney's $690,000 to Melbourne's $495,000 for apartments.

Sydney's price growth was strong across both houses and apartments. 

Detached Sydney house prices were up 10.9 percent compared with units at 9.1 percent highlighting the lively supply/demand dynamic that exists across the Sydney region.

In Melbourne however there is a substantial difference in growth rates between houses and units, with house values up 9.6 percent compared with a 5.2 percent increase in unit values over the past year.

Brisbane’s housing market has shown a even larger spread, with house values up 4.7 percent compared with units which have had a 1.4 percent fall in unit values over the year. 

The capital growth for all capital cities have grown by 0.5 percent per month for all dwellings, according to CoreLogic’s latest report.

Quarterly the capital growth has grown by 2.7 percent with a total return year on year of 11.2 percent.

The biggest growth per month is at Brisbane – Gold Coast with a reported growth of 1.1 percent per month.

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Still big difference in prices - Sydney's 0,000 to Melbourne's 5,000 for houses: CoreLogic

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Still big difference in prices - Sydney's 0,000 to Melbourne's 5,000 for houses: CoreLogic

Click to enlarge

Still big difference in prices - Sydney's 0,000 to Melbourne's 5,000 for houses: CoreLogic

Click to enlarge

Still big difference in prices - Sydney's 0,000 to Melbourne's 5,000 for houses: CoreLogic

However both Adelaide and Hobart’s capital growth per month have declined with Adelaide experiencing a 2.4 percent fall in capital growth while Hobart experienced a 2.1 percent decline.

Sydney has experienced the highest capital growth in houses for year on year with a reported growth of 10.9% which is followed by Melbourne with a growth of 9.6 percent. Throughout all the capital cities capital growth for houses has increased by 7.7 percent throughout the year.

However for total return year on year Darwin experienced a decline by 1.6% as well as experiencing a fall of 2.4 percent for the year to date capital growth for houses.

The median price that can be expected for a unit in Canberra is $418,500 as although Canberra experienced a monthly decline of 0.7 percent in unit capital growth overall for the entire year they have seen a growth of 8.6 percent.

The cheapest unit can be found in Hobart where the average median price for a unit is $285,000. According to data Hobart has seen a quarterly decline of unit capital growth by 4.5 percent despite a healthy year on year capital growth increase of 8.3 percent.

Similarly in Hobart an investor can expect to have a rental yield of 5.6 percent if they invest in a unit there while for houses one could expect a rental yield of 5.3 percent.

Sydney has the lowest rental yield results with a house only receiving 2.8 percent of its rental yield while for units it is 3.8 percent.

Tags: 
Home Value Corelogic

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