Dwelling values in Sydney and Melbourne have soared by 1.3%, the latest home value index from Core Logic RP Data shows.
The increase in property prices in Australia’s hot markets marked the strong footing of the nation’s housing market early this year.
Prices in Melbourne soared 2.7%, while Sydney values increased by 1.4%. Hobart also enjoyed a strong monthly result as prices went up 1.6%.
However, three capital cities experienced a decline. Darwin’s house values are down 1.3%, Adelaide down 1.2% and Perth values down to 0.6%.
For Tim Lawless, RP Data’s head of research, Hobart’s strongest results over the past quarter is “certainly a unique occurrence”. However, Sydney is still the country’s front-runner among its house markets.
“Generally, Hobart has recorded the lowest rate of capital gain since the onset of the global financial crisis, however housing market conditions have been improving,” he said.
“Local economic conditions have been improving and Hobart homes are the most affordable of any capital city. Additionally the market is benefitting from the return of lifestyle buyers. After Darwin, the southernmost capital is also showing the second highest gross rental yields of any other capital city,” he added.
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