In the three month period, dwelling values rose 8 per cent in Melbourne, 7.4 per cent in Sydney and 2.2 per cent in Brisbane, according to CoreLogic RP Data head of research Tim Lawless.
But smaller capital cities have experienced a fall in values.
“While the three largest capital cities, together with Hobart, have all recorded growth in dwelling values over the past three months, half the nation’s capital cities have recorded a fall in values,” Lawless said.
“Darwin recorded the most substantial decline in values with a fall of 3.2 per cent over the three month period, while Perth values were down by 1.5 per cent, Canberra values were 0.8 per cent lower and Adelaide values are slightly lower, at 0.1 per cent.”
Looking just at August the highest month-on-month movement was in Sydney where dwelling values rose 1.1 per cent while values remained stable in Melbourne and Brisbane.
“While the August results indicate a slowdown in the rate of appreciation in dwelling values, the quarterly figures highlight just how strong the housing market has been over the past three months,” CoreLogic RP Data reports.
Lawless says the spring selling season will be a “timely litmus test” for the housing market, particularly in Sydney and Melbourne to monitor if demand can keep pace with new listings.