Capital city home values up 9.8% in FY15: CoreLogic RP Data
Combined capital city home values went up 9.8% in the 2014-15 financial year, with Sydney having the strongest capital growth followed by Melbourne.
The latest CoreLogic RP Data Home Value Index found combined capital city home values increased by 43.1% between December 2008 and June 2015.
CoreLogic RP Data researcher Cameron Kusher said since the end of 2008, value growth in Sydney and Melbourne has stood head and shoulders above all other cities.
“Over the past three years we’ve seen further growth in home values on the back of a renewed interest rate cutting cycle," Mr Kusher said.
"Since the financial crisis we’ve seen residential unit construction surge to record high levels… despite more units being built, most buyers still show a preference for a detached house.
"As a result of this trend, Sydney and Melbourne are the strongest housing markets for capital growth and we expect this to continue over the coming financial year.”
