Perth's most affordable market showed the highest national price growth over the past six months: RP Data
Premium housing markets in Sydney are rallying, according to RP Data's Tim Lawlesss. But Perth's most affordable market showed the highest price growth - of 5% - over the past six months.
Sydney was the only capital city where the most expensive 25% of the market recorded the strongest performance within the city market over the first half of 2013.
Values across the premium Sydney housing market are up 4.8% compared with a 4.6% rise in values across the broad-middle of the market, and a 3.2% increase in values at the most affordable end of the market.
Tim Lawless noted excluding Sydney every other major capital city was showing the highest capital gains to be occurring at the most affordable end of the housing market followed by the broad middle of the market.
"Sydney’s premium housing market is often the first market to show a shift in premium buyer trends.
"Often the catalyst for a surge in buyer interest at the top end of the housing market is the share market where based on the S&P ASX/200 index, shares remain almost 30 per cent below their 2007 peak but have recovered about 53 per cent since bottoming out in early 2009.
"The wealth created from improved share portfolio positions is likely to be one of the key drivers of the prestige housing market as equity profits flow into the housing market," Mr Lawless said.
The RP Data-Rismark Stratified Hedonic Index segments the housing market performance across broad value bands: the most affordable 25% of dwellings, the broad middle 50% of dwellings and the most expensive 25% of dwellings. The Index provides a useful insight about how price based segments of each market is performing.
