New high point in national property price growth cycle: CoreLogic's Tim Lawless
The annual growth trend in capital city dwelling values reached a new cyclical high with an increase of 11.7 percent over the twelve months ending February 2017, according to CoreLogic’s latest report.
The property data firm says that 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 percent over the month.
The strong capital gain over February was led by Canberra (+3.2 percent) and Sydney (+2.6 percent), with Melbourne (+1.5 percent) and Hobart (+1.0 percent) also returning significant increases.
In contrast, dwelling values were down over the month across Darwin (-4.3 percent), Perth (-2.4 percent) and Brisbane (-0.4 percent).
Tim Lawless, CoreLogic head of research, said 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 percent.
He said the February results mark "a new high point in the current growth cycle," with capital city dwelling values increasing by 11.7 percent over the past twelve months.
“The annual growth rate across the combined capitals hasn’t been this strong since the twelve months ending June 2010," he said.
“In Sydney, where the annual rate of growth is now 18.4 percent, this is the highest annual growth rate since the twelve months ending December 2002 when the housing boom of the early 2000’s started to slow.”
Canberra had the highest February price growth.
At around the median price of $635,000 a four bedroom house at 11 Cooloola Street, Amaroo (below) was sold last week for $635,000.
Similarly a three bedroom house at 8 Sholl Place, Kambah (above) was sold yesterday for $609,000. It last sold for $439,000 in 2004.
At around the median price of $405,000 a two bedroom unit at 49/23 Aspinall Street, Watson (below) was sold last week for $401,500. It last sold for $165,000 in 2008.
Similarly a two bedroom house at 309/80 Chandler Street, Belconnen (below) was sold two week ago for $402,000.
