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Friday, 1 December 2017

Perth bottoms out

Perth bottoms

Sydney unit values rose to an all-time high this month, up by +0.4 per cent over the November quarter to $781,528, to be +5 per cent higher than a year ago. 

Om the other hand, Sydney's median house price was -2.1 per cent lower over the quarter at $1,068,077. 

Research from Cameron Kusher of CoreLogic showed that the decline the median house price was driven by the premium sector of the Sydney market, as the heat came out of buying, roughly from the end of July.

CoreLogic reported that rental yields have started to lift in Sydney, with rents rising nationally by +2.8 per cent over the past year.

Source: CoreLogic

CoreLogic expects rental yields to drift higher forthwith.

In Melbourne house and unit prices are at all-time highs, and are still rising at a fair lick.

Brisbane's market has been patchy.

The median house price in the Queensland capital was +3.2 per cent higher over the year, with unit values down modestly by -1.2 per cent. 

After years of flat prices, Hobart saw +11.5 per cent growth in its dwelling prices over the year.

And with approvals only just beginning to respond, price gains look set to continue for a while yet.

Finally, the bottom is in for Perth. 

Having dropped by about -10.8 per cent from the peak in 2014, dwelling values in Perth have now recorded three consecutive monthly increases.

Moreover, Tim Lawless of CoreLogic noted a range of indicators moving into positive territory for Perth, from shorter time on market, to rising settlement volumes, to declining stock on market. 

In Darwin, however, prices are now down by -21 per cent from the peak, and with prices down over the past month, quarter, and year, there is no sign of the market levelling out.

Finally, around the traps price growth was relatively weaker across regional Australia, but Geelong (+11 per cent) and Newcastle (+13 per cent) have been two obvious standouts over the past year, with the Hunter Valley (+7 per cent) also recovering nicely.