Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Monday, 2 May 2016

Sydney unit prices +3.7pc in April

CoreLogic reported Sydney unit prices as rising by 3.7 per cent in March to be 4.4 per cent higher over the quarter and 11.5 per cent higher over the year.

Thus annual unit price growth is now outpacing house price growth in Sydney which has pulled back to 8.9 per cent over the year to April.

Dwelling price growth in Brisbane has moved into third place behind Sydney and Melbourne, with prices up by 6.2 per cent year-on-year to a median price of $465,000.

Brisbane prices have now increased through the current growth cycle to date by 18 per cent.

Brisbane prices since January 2009 have increased by 14.7 per cent, according to CoreLogic.

Source: CoreLogic

Price growth has improved a bit in the "rest of state" regions to rise by 0.7 over the quarter, although regional prices were reported as being down year-on-year in Western Australia (-1.2 per cent) and South Australia (-6.1 per cent).

Overall the results recorded very strong dwelling price growth in the capital cities of 1.7 per cent in the month of April, and 0.7 per cent for the rest of state locations.

The index can be a little seasonal so it would be no surprise to see price growth easing back in May.

For this reason it often makes sense to check how year-on-year growth is tracking:
  • Melbourne 10 per cent
  • Sydney 9 per cent
  • Brisbane 6 per cent