Property values show steady gains
Property values across Australia’s capitals continue to show steady improvements, as the shortage of on-market properties drives up demand.
RP Data measured Australia’s five most populous capitals – Sydney, Melbourne, Brisbane, Perth and Adelaide – over the 2013-14 financial year and found there was an average growth of 10.5% across the capitals. Since the start of the year, RP Data measured growth of 4.1%.
Capital city home value changes
Sydney was the stand out performer for growth, recording a 15.7% average increase in values over the year, and 6.3% for the year to date. Melbourne was the next best performer, notching 10.1% and 4.5%, respectively.
Capital city properties listed for sale
Driving the growth is market demand. Record low interest rates and improving property prices are creating a shortage of properties on the market. Across Australia’s capitals, RP Data found, on average, there was an 8.4% drop in the number of properties on the market compared to the same time last year.