The latest 12 month research compiled by Australian real estate monitoring group RP Logic Data has shown that prices in Australia’s five largest capital cities has mostly continued to grow up to the period of March 2016.
A combined increase of 6.4% was noted for home values across the county and of the five largest capitals monitored only the city of Perth was unable to record a growth in home price, though figures there appear to be on the improve as well.
Closer examination of the numbers shows that on average there was a 7% increase over the last 12 months in Australia’s most expensive suburbs; a 6.4% increase in the values of homes located in the middle of the property market and a 6.6% increase in value of the countries most affordable properties.
Quarterly figures up to the end of March 2016 show a largely similar pattern with the most expensive areas recording 1.7% increase; the middle market showing a 1.6% increase and the lower end of the market showing a 1.8% increase.
This latest information comes courtesy of RP Logic Data’s Home Value Index and following we have provided a previous 12 month breakdown for Australia’s five largest capital cities:
Adelaide homes have seen a steady growth rate of 3.2% over the last 12 months which is a fairly consistent performance with an even spread of increase across the various classes of property.
Homes in the city of Brisbane have seen an average growth of 4.5% over the past year which is an improvement on the figures which were previously recorded for the 12 months that preceded before. The middle and lower brackets of home values have been seeing the most growth in the river city.
Melbourne continues to be the top performer in the Australian market with an average growth rate of 9.8% recorded for the 12 months up to March 2015. Although this is a reduction from the outstanding September 2015 figure of 14.2% that was recorded, this number is still a very healthy figure in its own right.
The West Australian capital is still finding its way back from the impressive highs it recorded earlier on in the decade. Things are looking to be on the improve though with November 2015’s -4.1% figure now closing in on neutral with a figure of -2.0% yearly growth rate recorded for March 2016.
Much like Melbourne the pace in Sydney has slowed down from the record speed that it was previously travelling at. Still, a respectable average of 7.4% was recorded for the harbour city for the yearly period leading up to March 2016, which is a reduction from the heady days of 18.4% that were recorded back in July 2015.
Marc has been a professional lender for 28 years. After beginning his career in 1990 with a UK Building Society, he moved to Australia where he held several different retail banking roles. In 1999 it became clear to him that a mortgage broker would eventually become an obvious choice for someone looking for a home loan so he took the plunge and became an independent broker. He hasn’t looked back since!