Sydney property values growing twice as fast as Melbourne’s

Sydney property values growing twice as fast as Melbourne’s

Sydney Bridge
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New statistics indicate the Sydney market is continuing to roar along – and that’s before the recent rate cut is taken into account.

Onthehouse data for April show that Sydney’s median house price reached $946,000 after growth of 15.1 per cent over the year and 3.8 per cent over the quarter.

The median unit price reached $629,000 following 12.2 per cent annual growth and 2.7 per cent quarterly growth.

Credit ratings agency Moody’s revealed earlier this week that 0.25 per cent rate cuts add about 0.6 per cent to NSW house prices, which means that this month’s rate cut might make May an even bigger month for price growth.

Melbourne remains Australia’s number two market in terms of price growth, with house prices rising 5.6 per cent annually to $663,000 and unit prices up 2.3 per cent to $469,000.

Brisbane’s median house price climbed 2.0 per cent to $474,000, while the median unit price climbed 3.1 per cent to $377,000.

Adelaide was the only other market to experience price growth in both sectors, with houses up 3.2 per cent to $426,000 and units up 0.8 per cent to $316,000.

Hobart’s median house price increased 4.4 per cent to $380,000, although the median unit price slipped 0.1 per cent to $268,000.

The ACT’s median house price grew 3.1 per cent to $545,000, while the median unit price fell 4.0 per cent to $395,000.

Darwin and Perth remain Australia’s weakest markets, with the two capitals experiencing price declines in both types of property.

Darwin saw houses fall 3.7 per cent to $558,000 and units fall 2.6 per cent to $418,000.

Perth houses declined 1.0 per cent to $531,000, while units declined 2.1 per cent to $455,000.

[Related: Sharp Sydney decline could be on the cards]

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