Growth In Most Cities Only Marginal

Posted on 26/05/2017  
Growth In Most Cities Only Marginal

Research comparing dwelling values today with five years ago shows that most of our cities have had only moderate price growth.

All eight state and territory capital cities have median dwelling values higher today than in 2012, but in most cases the rise had been only marginal.

The figures tend to refute media rhetoric of soaring property values, creating price bubbles in our capital cities.

Only Sydney has recorded a strong growth rate over the past five years, with an average annual rise of 8.6% since 2012. Its median dwelling price has increased from $525,000 to $805,000 in that time, according to CoreLogic figures.

Melbourne, which only recently has produced growth rates similar to Sydney, has had a rise in its median dwelling price from $465,000 to $605,000 – total growth of 30% in five years, equating to an average of 5.3% per year.

The growth rates for both Brisbane and Adelaide since 2012 are around 3.5% per year, while Canberra has recorded just 2% per year.

Perth, Darwin and Hobart have shown little change, when comparing the median dwelling prices of 2012 with 2017.

Perth and Darwin had rises in 2012/2013 but in the past four years prices have fallen. Hobart’s market has sparked to life recently, with strong price growth in the past 12 months, but over the past five years its median dwelling price has shown only minor change – from $340,000 to $355,000.

 

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