Brighter Buying

Sydney topples from its perch

by Karleen Jentz, Copywriter 10 February 2016

Sydney’s spectacular boom days appear well and truly over as figures released this month reveal it's no longer topping the annual growth charts.

Melbourne’s annual increase in dwelling values of 11 per cent was highest of all capital cities according to the January 2016 CoreLogic RP Data Hedonic Home Value Index.

Sydney took second place with 10.5 per cent while Brisbane continued a slow, steady pace recording a 2.8 per cent increase in dwelling values over 12 months.

The other headline grabber in the data was Hobart which recorded the highest monthly growth spurt of 4.7 per cent, compared to 0.5 per cent in Sydney and a slight drop of -0.07 per cent in Brisbane.

CoreLogic RP Data head of research Tim Lawless explained the emerging trends, with Brisbane’s fortunes looking more stable than our Sydney counterparts.

“Over the past six months, the performance gap between Sydney and Melbourne is stark,” he said. “Sydney dwelling values have reduced by 0.6 per cent between July last year and the end of January 2016, compared with a 3.0 per cent rise across Melbourne dwelling values. The last six months have also seen both Brisbane and Canberra dwelling values rise by 2.0 per cent while Hobart values are 1.3 per cent higher and Adelaide dwelling values have been virtually flat with a 0.1 per cent rise,” Mr Lawless said.

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