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CoreLogic Home Value Index September 2016

Capital city dwelling values increase by 1.0% in September to be 2.9% higher over the quarter, according to CoreLogic’s Hedonic Home Value Index for the month, taking the current growth phase into its 52nd month.

Capital city dwelling values continued to show a strong headline rate of growth over the September quarter, with the CoreLogic Hedonic Home Value Index rising 2.9% over the past three months. The combined capital city index, which is heavily weighted towards the Sydney and Melbourne markets, recorded a 1.0% month-on-month gain, taking capital city dwelling values 41.3% higher since the growth cycle commenced in June 2012.
Growth conditions were substantially different from region-to-region.

The top performing market was Melbourne where dwelling values pushed 5.0% higher over the third calendar quarter, due largely to a strong rise in house values (+5.2%) which balanced a softer result for the unit market (+2.9%). Canberra showed the second highest rate of growth over the quarter with values up 4.5%, followed by Sydney at 3.5%.

Highlights over the three months to September 2016

  • Best performing capital city: Melbourne +5.0%
  • Weakest performing capital city: Darwin -4.5%
  • Highest rental yields: Hobart houses with gross rental yield of 5.2% and Hobart Units at 5.5%
  • Lowest rental yields: Melbourne and Sydney houses with gross rental yield of 2.8% and Sydney units at 3.9%
  • Most expensive city: Sydney with a median dwelling price of $785,000
  • Most affordable city: Hobart with a median dwelling price of $325,000

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