Property values have ignored the traditional winter slow down
5 HOURS AGO AUGUST 01, 2014 12:09PM
An apartment at Liverpool St in Sydney seeking offers of more than $435,000 is already under contract. Picture: realestate.com.au Source: Supplied
SOUTHERN capitals are continuing to drive the property market with Sydney and Melbourne continuing to record growth in values.
The latest RP Data Hedonic Index has revealed that Canberra recorded the strongest growth in the country with values up 2.1 per cent for the quarter.
Sydney was close behind with growth of 2 per cent and Melbourne was up 1.8 per cent.
The Darwin recorded a 0.8 per cent increase, while the rest of the capitals suffered losses.
Adelaide values dropped the most significantly by 2.6 per cent, Hobart was down 1.2 per cent, Brisbane 0.4 per cent and Perth 0.1 per cent.
AN apartment at Little Lonsdale St, Melbourne is listed for $500,000-$550,000 Picture: realestate.com.au Source:Supplied
RP Data research director Tim Lawless says the results were good considering seasonal factors which would usually come into play.
“Sydney and Melbourne I would have thought those markets would have slowed down in the growth rates by now, considering affordability constraints and new supply levels and the very low yield environment but that hasn’t been the case,’’ he says.
“In saying that the quarterly growth of rate has been trending lower, I think those markets moved through peak growth probably late last year, but still very resilient to a more significant slow down.’’
A unit at popular Moray St, New Farm in Queensland will be auctioned. Picture: realestate.com.au Source: Supplied
Mr Lawless says the big test for the market will be the start of the traditional spring selling season.
“We expect to see a lot of listings hit the market place, buyer demand isn’t ramping up like it used to, so that seems to have levelled out as well but at reasonably high levels.’’
Mr Lawless says it will be interested to see how well new stock is absorbed.
