Prices rise in five capital cities

Posted on 6/01/2019  
Prices rise in five capital cities

Prices rose in five of the eight capital cities in 2018, according to the latest figures from CoreLogic.

The growth was led by Hobart, where the Home Value Index grew 8.3% last year. Darwin was up 3.7%, Canberra 3.6% and Adelaide and Brisbane were up by about 1% in annual terms.

The capital city average was a decline of 6.7%, according to these figures, weighed down by a 10% fall in Sydney and a 9% decrease in Melbourne.

It’s important to note that other major research sources disagree with these figures.

The latest data from the Australian Bureau of Statistics records an annual decline in Sydney house prices, but by only 4.9% while SQM Research has Sydney down 5.8%.

In Melbourne, the ABS records an annual decline of 2.1% while SQM Research reports 1.8%, compared to the 9% claimed by CoreLogic.

In Perth, the latest ABS figures report no change in House Price Index, SQM Research reports an annual decline of 0.9% while reiwa.com reported that the Perth median house price rose slightly in both October and November and remained unchanged in December.

This compares with CoreLogic’s claim of a 4.3% annual decline in Perth.

By contrast, the CoreLogic figures suggest that recovery is under way at last in Darwin, with the House Price Index up 3.7%. But the ABS has Darwin house prices down 1.9% and SQ Research records a 4% annual decrease.

Here’s where there is broad agreement from the various sources: the ABS, SQM Research and CoreLogic all agree that house prices have risen in the past 12 months in Hobart, Canberra, Adelaide and Brisbane.

Some suggest that Perth and Darwin are recovering, but others disagree.

All have prices down in Sydney and Melbourne but there is major disagreement on the issue of how much they have fallen, with the CoreLogic figures a lot more negative than those from other sources.

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