CoreLogic’s latest hedonic home value index report shows that in the last three months much has remained unchanged, as capital city dwelling values fell 0.2% while regional markets saw dwelling values rise 0.4%.
Tim Lawless CoreLogic’s head of research, has noted a trend in growth to the regions and away from capital cities since October last year. As the March quarter has shown, city home values are 0.9% lower compared to regional home values now 1.1% higher.
Hobart is still at the top of the capital cities having shown the most growth (+1.7%) and having seen a combined growth of up to 13% in the past year. Hobart’s median house price still sitting just below Adelaide’s median value.
Adelaide has seen a 0.4% drop in dwelling values over the quarter, Lawless having stated, “The demographic factors aren’t there in Adelaide to suggest there will be any big growth in prices. The softer economy is not attracting the same level of investment as in other capitals, but as a whole it is holding, so there is a base level of demand for housing.”
Sydney (-1.7%) and Melbourne (-0.5%) have seen the least amount of growth in the first quarter of 2018. However, there has been an increase in unit values in both Sydney and Melbourne of 1.9% and 6.6% over the last year.
Lawless said, “The March home value indices results also confirm that the unit sector is now consistently outperforming the detached housing market – a trend which has been evident since mid-2017.”
Values remained steady in Brisbane over the quarter, while Darwin (-0.1%) and Canberra (-0.2%) saw a drop in dwelling values.
Source: ABC News / CoreLogic