Melbourne races ahead of the pack, Sydney not far behind

Font size :

Melbourne continued its dominance over other capital cities, racking up the largest growth during the first 10 months of the year a new data has shown.

According to the RP Data-Rismark Hedonic Index, median house value in Melbourne surged by 14.92% to $509,987 since the beginning of the year. During the past 12 months, house values climbed by 12.75%. Units also performed strongly with median values rising by 14.69% to $406,168 during the first 10 months of the year.

Sydney has also staged a strong showing, notching up 10.23% growth in house values since the start of 2009. On a year-on-year basis, Sydney houses rose by 8.19% to $611,706.

Darwin manage o extend its impressive run despite recording a slight drop in value during the month of October. During the first 10 months of the year, house values rose by 10.58% to $517,333. During the past 12 months, Darwin still outperformed all the other capital cities with its 16.89% growth.

"Darwin has had a tremendous run over the last 18-24 months seemingly unaffected by the global financial crisis," said Cameron Kusher, senior research analyst with rpdata.com. "With values now similar to those recorded in Melbourne, an eventual slowdown in growth was inevitable. From an investment perspective, the city still remains extremely attractive due to its impressive yields. Any slowdown in value growth is likely to have a positive impact on yields."

Units in Darwin are currently achieving the highest yields at 6.15% while Melbourne houses have the lowest yields at 2.82%. Units in Perth were selling the fastest - on average, taking just 19 days to sell while houses in Canberra takes just 24 days- the shortest time on the market for houses. 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Sep 21, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords