Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Brisbane booms while other capitals struggle

05 March 2015 Staff Reporter

Melbourne has been overtaken as Australia’s second-fastest growing market, according to the Australian Bureau of Statistics.

Sydney residential property prices grew by 3.4 per cent for the three months to 31 December 2014 and by 12.2 per cent during the 2014 calendar year.

Brisbane has now become Australia’s number two market, after prices rose 1.4 per cent over the quarter and 5.3 per cent over the year.

Third place was filled by Melbourne, which recorded 1.3 per cent quarterly growth and 4.5 per cent annual growth.

Adelaide climbed by 0.8 per cent over the quarter and 2.5 per cent over the year, while Hobart climbed by 1.0 per cent over the quarter and 2.2 per cent over the year.

Canberra posted 0.2 per cent quarterly growth and 1.7 per cent annual growth, while Perth posted 0.3 per cent quarterly growth and 1.2 per cent annual growth.

Darwin fell by 0.6 per cent over the quarter but rose by 0.8 per cent over the year.

Inflation reached 1.7 per cent during 2014, which means that Canberra prices remained steady in real terms, while Perth and Darwin prices went backwards.

The Australian Bureau of Statistics also revealed that the total number of homes in Australia increased by 1.6 per cent to 9.4 million during 2014.

Australian home values increased by 7.6 per cent over the year, while the mean dwelling price rose 6.0 per cent to $572,000.

Brisbane booms while other capitals struggle
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

What is the worst mistake vendors make?

Price too high
Taking low offers too personally
Neglecting curb appeal
Not ‘staging’ the home for sale
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.