Pete Wargent blogspot

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

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Tuesday, 1 November 2016

Capital city prices rise 7.5pc

CoreLogic reported its October dwelling prices today, which you'll no doubt read about elsewhere.

Capital city dwelling prices rose by +7.5 per cent over the year to October.

The strong gains were driven by Sydney, where dwelling prices were up +2.9 per cent for the quarter to be +10.6 per cent higher than one year ago. 

On the other hand dwelling prices in 'Rest of State' areas were down over the past year in real terms. 

Source: Commsec

In Brisbane, dwelling prices were up by 4.1 per cent over the year to October. 

Prices were down over the quarter in Adelaide and Hobart, which looks a bit unusual to be honest, especially in Hobart's case, although prices were up moderately over the year in both cases. 

Canberra house prices surged +5.9 per cent over the last three months, according to CoreLogic, which is not the kind of market higher land taxes were supposed to engender.