Sydney home values surge to 18 percent annual growth in February 2017: CoreLogic
Sydney already has the annual increase in home value, according to CoreLogic’s latest report.
Now with preliminary CoreLogic February 2017 Home Value Index results, the head of research Asia Pacific, Tim Lawless has noted that further evidence supporting a strong start to the 2017 housing markets.
“The February results will confirm that housing market conditions remain very strong in Sydney and Melbourne, while Brisbane and Adelaide have also see values rise and Perth dwelling values have slipped lower.
"Based on preliminary results, the CoreLogic daily home value index has recorded a 1.1 percent rise in dwelling values across the five city aggregate index over the first 27 days of the month, with Sydney continuing to stand out with the highest capital gain.
The month to date data for Sydney is showing a 2.6 percent to 2.7 percent surge in dwelling values for February, with Melbourne posting a 0.5 percent to 0.7 percent gain over the month, based on the preliminary figures.
"The strong capital gain conditions are likely to push the annual growth rate for Sydney close to the cyclical high of 18.4% which was recorded over the twelve month period ending July 2015,” Tim Lawless.
The property data firm says that over the past 12 months Sydney’s home value has increased by around 18.2 percent.
The final February result will be released tomorrow.
This is in contrast to Perth’s home value which has declined by 3.8 percent over the past 12 months.