Capital gains surge in unlikely place

Hobart house prices are approaching Melbourne levels and are leaving Brisbane growth rates far in their wake.

Hobart’s house price reached $384,000 at the end of May after growing 6.3 per cent over the year, according to new statistics from Onthehouse Data.

However, the city’s unit market grew at only a third of the pace, with the median climbing 2.0 per cent to $267,000.

Sydney remains Australia’s stand-out market, with house prices growing 16.7 per cent to $961,000 and unit prices growing 13.1 per cent to $636,000.

The Melbourne market also remains strong, with the median house price up 8.2 per cent to $679,000 and the median unit price up 3.4 per cent to $474,000.

Brisbane is the only other capital city where both sectors are growing, with house prices increasing 3.8 per cent to $485,000 and unit prices increasing 3.3 per cent to $377,000.

The ACT’s median house price rose 3.1 per cent to $548,000, however the median unit price fell 2.1 per cent to $401,000.

Adelaide house prices grew 2.6 per cent to $423,000, while unit prices dropped 1.3 per cent to $311,000.

Perth was largely flat, with house prices up 0.5 per cent to $529,000 and unit prices down 0.2 per cent to $458,000.

Darwin experienced declines in both sectors as house prices fell 3.7 per cent to $554,000 and unit prices fell 3.4 per cent to $417,000.

[Related: Property prices forecast to fall in seven capital cities]

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