Sydney, Melbourne lead dwelling value surge The CoreLogic RP Data Home Value Index shows dwelling pr
2015-06-03
The CoreLogic RP Data Home Value Index shows dwelling price values have increased 9% in the 12 months to May 2015.
Despite a 0.9% drop in values last month, the longer-term trend is to price growth.
Lawless says the negative result for May is likely a natural correction in a market where prices have been trending higher, particularly in Sydney and Melbourne.
“The weaker reading across the May results is likely to be short-lived, with the Index expected to show value better growth next month,” he says.
“Other market indicators are also pointing to stronger conditions for the Sydney and Melbourne housing markets with auction clearance rates remaining at or close-to record highs throughout May along with low advertised stock levels across the largest cities, particularly for Sydney.
“The negative May result is likely due to a natural correction from the previously strong month-on-month results. Added to this is the market stimulus due to lower interest rates, and a well-received federal budget in May – all of which are likely to keep momentum going in the market.”
The past 12 months of home values data shows mixed results across the capital cities, with Sydney and Melbourne the standout performers.
In Sydney dwelling values rose 15% in the past 12 months, while Melbourne experience growth of 9%.
On the flip side, unit values were increasing at a much lower rate.
“The higher supply levels are likely to be a primary reason why unit values are rising at a much slower pace than house values in Sydney and Melbourne,” Lawless says.
Despite a 0.9% drop in values last month, the longer-term trend is to price growth.
Lawless says the negative result for May is likely a natural correction in a market where prices have been trending higher, particularly in Sydney and Melbourne.
“The weaker reading across the May results is likely to be short-lived, with the Index expected to show value better growth next month,” he says.
“Other market indicators are also pointing to stronger conditions for the Sydney and Melbourne housing markets with auction clearance rates remaining at or close-to record highs throughout May along with low advertised stock levels across the largest cities, particularly for Sydney.
“The negative May result is likely due to a natural correction from the previously strong month-on-month results. Added to this is the market stimulus due to lower interest rates, and a well-received federal budget in May – all of which are likely to keep momentum going in the market.”
In Sydney dwelling values rose 15% in the past 12 months, while Melbourne experience growth of 9%.
On the flip side, unit values were increasing at a much lower rate.
“The higher supply levels are likely to be a primary reason why unit values are rising at a much slower pace than house values in Sydney and Melbourne,” Lawless says.
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