Home Values Keep Rising Australian property prices continue to rise with new figures showing they have increased for the eighth consecutive month. The latest CoreLogic national Home Value Index shows property values increased by 0.8% rise in September. The increase means Australian property values have gone up by 2.2% in the past quarter.
It was the smaller capital cities that performed well during the past month, with Adelaide up 1.7%, Brisbane and Perth, both up 1.3%. Sydney was up by 1%, Melbourne, 0.4%, Canberra, 0.2% and Darwin, 0.1%. Hobart is the only capital city to record a drop in September with its values down by 0.6%. CoreLogic research director, Tim Lawless, says it is a lack of supply driving property price growth. “The three capitals recording the highest capital gain each have advertised supply levels that are around 40% below their previous five-year average,” he says. While prices are on the way up, Lawless says home values remain 1.3% below record highs recorded in April last year.
