Sydney leads the property value charge

Sydney leads the property value charge

Posted on Monday, November 04 2013 at 3:51 PM

Numbers released by the Australian Bureau of Statistics (ABS) confirm Sydney as the number one capital city for property value growth across the nation.

According to the ABS, the established house price index for Sydney
rose 3.6 per cent, the largest for any capital in the September 2013 quarter.

Melbourne took second spot with a gain of 1.9 per cent
for the quarter, while Brisbane saw a 1.2 per cent rise to round out the top
three spots.

The eight capital city weighted average increased 1.9
per cent in the quarter, for a total rise of 7.6 per cent over the past year.

“This is the first time
since 2010 that the capital city average has shown four consecutive quarters of
growth year on year,” says Robin Ashburn, spokesperson for the ABS.

“Sydney’s rises were
broad based in the September quarter, with most areas going up, but prices were
mixed in Melbourne, with some areas showing rises and others falls.”

The dark horse was Hobart, which came in fourth for quarterly
capital growth with a 1.4 per cent gain.

This presents good news for the Tasmanian capital as it
continues to look forward to coming off its low base.

Adrian Kelly, president of the Real Estate Institute
of Tasmania, says the good result is being reflected in their numbers too.

“I’m not surprised… our own quarterly figures came out
and they show a little bit larger increase than that. That was pretty much the
same (result) right around the state.

“The other thing we’ve recorded is the volume of sales
being transacted is 17 per cent greater than the same time last year, so the
number of sales is being correlated with property values.

“Everyone’s saying that this calendar year is the best
we’ve had in the last five or six years.”

Other capital city price movements include Perth and
Darwin, up 0.2 per cent and 1.4 per cent respectively.

The two cities to fall in value were Canberra,
which dropped 1.2 per cent, and Adelaide down 0.6 per cent for the three
months.

 

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