Detached housing values drive Melbourne growth: CoreLogic RP Data

Detached housing values drive Melbourne growth: CoreLogic RP Data
Detached housing values drive Melbourne growth: CoreLogic RP Data

Increasing home values within Melbourne are being driven by the detached housing market, with Melbourne now having a higher rolling quarterly rate of growth than Sydney at 6.1%.

In CoreLogic RP Data's recent housing market video, head of research Tim Lawless said Melbourne growth conditions had picked up over the past three months, however the gap between house and unit performance remains.

"Melbourne house values have risen 12.3% over the past year compared with a 4.8% rise in unit values," he said.

"The underperformance of the unit sector can probably be attributed to the large amount of new unit supply that has flowed into the market over recent years as well as the upwards pressure on vacant land prices that is pushing house values higher."

Watch the video here.

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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Property News Housing Market

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