Property Market Information: Capital city activity

By the resi financial blog team, 28 May 2014

Capital city activity

Recent comments have highlighted continued growth in the Sydney market, which is sure to interest those looking to make use of the best fixed interest rates currently available.

"Growth in Sydney has continued, which is good news for long standing existing property owners, and the median value of Sydney houses has now passed the $800,000 mark," explained Residex Founder John Edwards in a May 22 article. 

"Sydney house price growth has not been seen for the same period of time since September 1988, when Sydney saw the last large property price boom."

Mr Edwards expressed surprise, given that data leading up to April suggested the New South Wales capital city's property market was "cooling". 

"This cooling was justified given the difficult affordability conditions that existed," Mr Edwards explained. 

However, current property owners in the area are certainly in a great position, and may wish to look at competitive 5-year fixed mortgage rates on offer in order to upgrade their existing property to something roomier or with a better view.

Meanwhile, Melbourne has seen strong growth in its housing market. The city has experienced 10.85 per cent growth over the year and 1.42 per cent growth in April alone, Mr Edwards explained.

In Brisbane, home values have increased 5.4 per cent year-on-year to the week ending May 25, according to the latest RP Data Weekend Market Summary. 

The Queensland capital held 1.1 per cent growth for the year to date, which was certainly a positive figure, though somewhat behind the likes of Sydney, Melbourne and Adelaide.

Adelaide house prices have increased 2 per cent in the year to date, according to the latest RP Data findings. Year-on-year to the week ending May 25 2014, the city has experienced 4.9 per cent growth, which is slightly behind the likes of Brisbane.

While Perth year to date growth has been negative, the city's annual change (5.7 per cent) was ahead of Adelaide's figure, according to the RP Data findings. 

Categories: Home Loans