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The Christmas trees have been packed away, the kids are preparing for a new year of school and the property market is generally still dormant.....or is it?
Hobart, Sydney and Melbourne lead the charge into 2017 with strong growth across all three capital cities. There should be no surprises here thou, these three cities came home strong in 2016 and they’ve showed no signs of slowing down.
Lets take a quick look at how each capital city performed in January:
Hobart: 1.4%
Sydney: 1%
Melbourne: 0.8%
Adelaide: 0.5%
Canberra: 0.4%
Perth: 0.2%
Brisbane: 0.1%
Darwin: -1.7%
The combined median across all capitals was 0.7%, down on the strong December 2016 (1.4%).
Interestingly, outside the month of January, we can see that Hobart over the last three months has recorded the highest growth (5.8%) of any capital city. Illustrating that it’s well and truly into the growth cycle. Tim Lawless, CoreLogics head of research was quoted as saying the reasons for this are “Positive affordability of housing, as well as improving economic conditions and stronger migration trends”.
What we are also seeing is Perth and Darwin both recording rises in dwelling values for the last three months. Could this signal they are now finally reaching the bottom of the market? Probably not, there’s still key economic drivers and population data that shows the recovery will be a long drawn out process.
In January we saw gross rental yields slip to new record lows (3.5% in December to 3.2% in January). This is predominately driven by Sydney, Melbourne and Darwin. At the other end, Hobart, Canberra and Brisbane have been pulling their weight.
We look forward to sharing more market insights in March.
Cheers
Richie
* Data sourced from / HerronToddWhite / CoreLogic
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