Pete Wargent blogspot

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

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Monday, 3 October 2016

Capital city dwelling values +2.9pc in Q3; regions fall

With all the usual disclaimers about dwelling price indices and methodology, CoreLogic reported dwelling values rising by +1 per cent in the month of September and +2.9 per cent over the September quarter.

'Rest of state' values fell by 1.1 per cent over the quarter, however.

I read somewhere or other that this makes it 52 months of price gains since the 2012 nadir, which sounds about right.

Declines in Perth and Darwin were offset by gains elsewhere. 

Source: CoreLogic

The strongest annual growth is still to be found in Sydney (+10.2 per cent) and Melbourne (+9 per cent), where auction clearance rates are at their strongest levels since the June 2015 quarter.

CoreLogic's figures show that it's within the inner suburbs of both capitals where demand is at its strongest, particularly in the eastern suburbs and lower north shore in Sydney's case.

In Sydney new listings are down by 18 per cent since a year ago, reflected in a lack of quality stock on the market.

On the other hand, Perth's dwelling prices are now at the same level as they were at in 2007, while Darwin prices are back at levels last seen 7 years ago.

You can download the full report here