Listing prices smashed in capital cities

Almost half of properties in Australia’s capital cities are selling for more than their listing price, according to new research.

A report by RP Data for Aussie Home Loans found that 43.6 per cent of houses in capital cities sold for more than their listing price in 2013/2014.

Apartments sold above their listing price on 46 per cent of occasions.

Sydney was the hottest market, with 59.4 per cent of houses and 63.6 per cent of apartments selling for more than their listing price.

Melbourne also ran hot in 2013/2014, with 50.4 per cent of houses and 45.4 per cent of apartments selling for more than their listing price.

However, the market was much cooler outside Australia’s eight capital cities, where the listing price was beaten for 32.8 per cent of houses and 37.2 per cent of apartments.

The top 10 suburbs for houses sold above listing price were all located in Sydney and Melbourne.

The top three were Middle Cove, Winston Hills and Alexandria, all in Sydney.

Places four and five were filled by Kilsyth South and Knoxfield, in Melbourne, while places six and seven were occupied by Sydney suburbs Cherrybrook and Carlton.

The top 10 was rounded out by Wantirna and Flemington in Melbourne, and Rodd Point in Sydney.

Aussie executive chairman John Symond said the report showed that momentum remained strong in capital cities.

“For those looking for capital growth, the theme clearly indicates capital cities are the places to invest, while regional areas are more about lifestyle than returns,” he said.

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