CoreLogic RP Data’s latest Home Value Index results for April show home values have risen 0.8% across the combined capital cities.
Dwelling values have gone up in every capital over the month, except Canberra, which has seen a drop of 1.5% over April.
The data shows Sydney to be the best performing capital city over the last three months, up by 5.4% for the quarter and the weakest is Perth, down by -1.6% for the quarter.
RP Data head of research Tim Lawless said although dwelling values have slowed down month on month, the annual rate of growth has made a comeback, with dwelling values 7.9% higher over the past twelve months across the combined capital city index.
“Annually, the rate of capital gain has slowed since April last year, however, since the February rate cut the Sydney and, to a lesser extent, Melbourne housing markets have caught a second wind which is reflected in the higher rate of capital gain as well as the very strong auction results and rapid rate of sale for properties sold via private treaty.
“While the combined capitals trend of dwelling value growth has been substantial, the rate of growth across the Sydney housing market stands head and shoulders above the other capital cities over the cycle to date.”
Lawless said Sydney dwelling values are up 65.4% post GFC when including the previous 2009/10 phase of growth.
Melbourne is the only one close to Sydney’s numbers where dwelling values are 52.3% higher post GFC.
“While the headline growth figures remain strong it is clear that some markets are winding down,” Lawless said.
“The rate of growth in Perth and Darwin has slowed substantially in line with the wind down of major infrastructure projects associated with the resources sector and the housing market in Canberra has also softened post federal election."