CoreLogic Capital Markets Report March 2015
Australia's housing market has broadly been in an upswing since June 2012, with dwelling values across CoreLogic RP Data’s combined capital city index having increased by 22.2 per cent through to January 2015.
While the headline growth rate has been strong, the market shows a great deal of diversity with Australia’s two largest cities, Sydney and Melbourne, showing a substantially higher rate of growth than the other capital cities.
Coastal and lifestyle markets are gradually recovering from previously soft conditions while markets associated with the mining and resources sector have softened substantially. With mortgage rates at their lowest level since 1968, and potentially moving lower over the year, we are expecting some further stimulus to housing market conditions, however there is likely to be some counter balance from declining housing affordability, weaker rental yields and tigher lending conditions as federal regulators step up their vigilance on lending standards.
Canberra was the only capital city in which home values fell over the year, down 0.3 per cent. Sydney recorded the highest level of growth over the year, by some margin, with values increasing by 13.0 per cent.
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