Property prices continued to grow in seven of the eight capital cities in February, shows the CoreLogic RP Data Daily Home Value Index. In the past three months, house prices have risen in all eight cities and also in all the state regional markets.
Previous struggler Perth showed a turnaround during February, recording an uplift of 0.3% in its housing prices. This means Darwin was the only capital with falling dwelling prices in February – but it recorded a rise for the three months to 1 March.
Year-on-year, Sydney houses leads the growth at 12%, followed by Melbourne (11%) while Canberra and Hobart have both grown 5%.
Units prices in Sydney, Melbourne, Adelaide, Hobart, Canberra, Perth and Brisbane are all trending upwards, while there is also noticeable uplift in most of the regional unit markets.
Compared to a year ago, Melbourne unit prices are 10.5% higher, Sydney is up 7% and Hobart around 5%.
CoreLogic also found that Hobart remains Australia’s tightest rental market. CoreLogic head of research Tim Lawless says Hobart has the strongest rental yields.