Property Values Continue Rising

Property values rose once again in November, with the smaller capital cities continuing to lead the charge.

Data from PropTrack and Cotality this week shows that nationally, values are up by about 1% during November and about 7.5% in the past 12 months.

Both research houses show it is the smaller capital cities that continue to lead the charge.

According to PropTrack data, the highest growth in capital city house markets in the past 12 months was in Darwin, which was up 12.9%, Perth, 11.3%, Brisbane, 11.1%, Adelaide, 10.2%, Sydney, 7%, Hobart, 6.8%, Melbourne, 4.6% and the ACT, 3.6%.

Unit markets also chalked up strong yearly performances with median unit prices up 16.8% in Brisbane, 14.2% in Perth, 9.7% in Adelaide, 6.6% in Hobart, 5.3% in Sydney and 3.1% in Melbourne. Darwin and ACT unit markets both had slight declines of -0.8% in the past 12 months. 

Cotality Research Director Tim Lawless says growth in home values across the mid-sized capitals is once again diverging from the larger cities, as buyers seek out relative affordability where they can.

PropTrack senior economist Eleanor Creagh says the property market has chalked up ten consecutive month of growth.

“Increased borrowing capacities, lower mortgage rates and improving sentiment are fuelling renewed competition, and national prices hit a new peak in October,” she says.

She says unit price growth is outperforming houses in many capital cities as buyers pivot toward more attainable options.