Sydney Home Values Continue to Rise
Dwelling values across Australia’s capital cities increased over the month of the May, with Sydney’s market doing most of the heavy lifting. Released yesterday, CoreLogic RP Data’s May Home Value Index revealed that the median combined capital city dwelling price increased 1.6% to $580,000 over the month of May, with house prices improving 1.8% compared with a 0.1% rise in unit values.
Order a Property Valuation The May increase means home values have risen 5% during the 2016 calendar year and are currently 10% higher than they were at the end of May 2015. During May, Sydney was the best performing market with its median dwelling price increasing 3.1% to $782,000 over the month. Canberra was the next best performer with its median dwelling price up 2.5% during May to $550,000, while the median dwelling price in Hobart increased 2.2% to $335,000. Perth was the worst performer over the month, with its median dwelling price falling 2.7% to $506,000, while both Brisbane and Adelaide saw small price increases of 0.1%.