Global Power | Local Knowledge | Uniquely Personal
中文

Melbourne saw greatest property...

Melbourne saw greatest property price growth in Q2

Melbourne was the Australian city that saw the highest growth in house prices during the second quarter of 2017, new statistics reveal.

Asking prices for properties in the city rose by an average of three per cent between April and June, according to data from the Australian Bureau of Statistics.

This placed house price growth in Melbourne markedly above the national average, which came in at 1.9 per cent over the course of the three-month period.

Analysis of this data by CoreLogic shows that the overall average property price in Melbourne during the 12 months leading up to June came in at $675,000. Thanks to the area's growing popularity with millennials and businesspeople alike, it can be an extremely lucrative market for property investors to purchase in at present.

Sydney was the city with the second highest growth in property asking prices during the quarter, with these climbing by an average of 2.3 per cent. It was followed by Hobart, which recorded growth of 1.8 per cent, and Australian capital Canberra, where the cost of the average mortgage increased by 1.3 per cent.

Although average prices also rose in Adelaide and Brisbane, they did so at a softer pace, with rises of 0.8 per cent and 0.6 per cent respectively.

Falls were recorded in some areas, however, with average property prices in Darwin dropping by 1.4 per cent throughout the quarter and prices in Perth falling by 0.8 per cent.

Bruce Hockman, chief economist of the Australian Bureau of Statistics, commented: "Annual price movements ranged from minus 4.9 per cent in Darwin to plus 13.8 per cent in Sydney and Melbourne.

"These results highlight the diverse housing market and economic conditions in Australia's capital cities."

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

Subscribe Now