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Wednesday, 21 December 2016

Another index finishes 2016 on a high

Slower repeat sales price growth in 2016

Residex reported its repeat sale growth summary for the year to November 2016 today.

Like CoreLogic and Domain, it reported Sydney prices rising again into the end of 2016, albeit at a slower annualised pace than CoreLogic. 

Residex reported the median house price in Sydney as rising by +3.9 per cent over the year to an all-time high of $1,105,500. 

Unit prices rose by a slightly more sprightly pace of +4.6 per cent to a fresh high of $715,500. 

Overall, the year-on-year growth rate for house and unit prices has been slower in 2016 than it was in 2015.

The best performing market was Hobart, where the rental market has become very tight. 

House prices in Hobart rose by +6 per cent over the year to November, while attractive Launceston was also in positive territory for the year.

Meanwhile, house price growth was also positive in Melbourne, Canberra, Brisbane, and Adelaide.

By far the weakest market was Darwin, where the median house price dropped by -9.1 per cent to $520,000.

For some reason a number of analysts have been talking about cash rate hikes as we move into 2017, although it's comforting to see that Residex is not among that number (I don't reckon so either).

The Residex monthly reports written by Eliza Owen always have some interesting findings.

You can find their full report here