According to the January 2016 CoreLogic RP Data Hedonic Home Value Index results, house prices across Australia’s capital cities increased by 0.9 percent in January.
In Melbourne, house prices increased by 11 percent compared to the last year.Sydney followed Melbourne with 10.5 percent increase.The latest CoreLogic RP Data figures for January show that Melbourne property prices grew 2.5 per cent in January, compared to Sydney’s 0.5 per cent rise.
Over the past twelve months, capital city dwelling values have risen by 7.4% with Sydney’s capital gains of 10.5% no longer the highest annual rate across the capitals. “While still a high rate of annual growth, Sydney’s annual rate of capital gain is now at a 29 month low and has been progressively softening since peaking at 18.4% in July last year,” according to CoreLogic RP Data head of research Tim Lawless.
“Melbourne’s housing market has been more resilient to slowing growth conditions which has propelled the annual growth rate to the highest of any capital city, with dwelling values 11.0% higher over the past twelve months. Previously, during the height of the growth phase, there was a large separation between Sydney’s housing market, which was streaking ahead, and Melbourne’s, where the rate of capital gain was substantial but still well below the heights being recorded in Sydney. The latest data reveals Sydney’s housing market is now playing second fiddle to Melbourne’s, at least in annual growth terms.”