Hobart Growth Outpoints Big Cities

Posted on 15/12/2016  
Hobart Growth Outpoints Big Cities

Price growth data from two sources indicate that Hobart is now the strongest capital city market, with Sydney now ranking well down the list.

The latest figures from the Australian Bureau of Statistics, which cover the September Quarter, show that the Price Growth Indexes for Hobart record annual growth of 6.4% for houses and 7.9% for apartments.

Melbourne (up 8.6%) and Canberra (up 6.8%) have slightly higher annual growth for houses than Hobart, but much weaker performance for apartments – so overall we rank Hobart as the strongest capital city market.

Sydney, with around 3% growth for both houses and apartment, is now well down the ranking list, according to the ABS figures.

This is broadly in line with the latest Asking Price Indexes from SQM Research, which are more immediate than the ABS figures as they present annual growth up to early December.

SQM records 8.3% annual growth for Hobart houses and 6.7% for apartments. Similar to the ABS figures, Melbourne has higher growth for houses, but weaker increases for apartments.

Sydney prices are up about 5% annually for both houses and apartments, according to SQM.

Growth is Brisbane and Adelaide remains moderate, according to both sources, and Perth and Darwin continue to record price decline.

SQM has Darwin prices down about 6% for both houses and apartments, while Perth has dropped a similar amount.

The capital city average annual growth rate for houses is 4.1% according to the ABS and 4.7% according to SQM.

NOTE: Hobart features prominently in the new 2017 edition of National Top 10 Best Buys. Click here to learn more about this report.

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