This is in line with the national average growth rate of 13.5 per cent and ahead of the combined capitals average of 12.4 per cent, according to new data from CoreLogic.
The national growth rate is the highest since the boom heavy days at the start of the millennium.
“This is the highest annual rate of growth seen across the Australian residential property market since April 2004, when the early 2000’s housing boom was winding down after a period of exceptional growth,” said CoreLogic Head of Research for Australia Eliza Owen.
There’s also good news on the horizon for those hoping to break into the market. Softening top quartile property prices indicate a likely slowdown in the pace of growth.
“This easing in the pace of growth at the top end of the market is another clear sign of a shift in momentum. The rest of the market tends to follow movements at the high end, and this is the first time in nine months that the high-tier growth rate has not accelerated,” she said.
Check out the capital city growth rates for the 2020-21 financial year:
- Sydney 15%
- Melbourne 7.7%
- Brisbane 13.2%
- Adelaide 13.9%
- Perth 9.8%
- Hobart 19.6%
- Darwin 21%
- Canberra 18.1%