National dwelling values hold steady in November with Sydney trending lower while Perth bottoms out National dwelling values held steady in November, with a 0.1% fall in capital city dwelling values offsetting a 0.2% rise in values across the combined regional markets of Australia, according to CoreLogic’s November Hedonic Home Value Index results.
According to CoreLogic head of research Tim Lawless, a Index results as at November 30, 2017 significant contributor to the downwards movement over the month came from the Sydney housing market, which recorded a 0.7% fall in dwelling values, while a fall in values was also recorded across Darwin and regional Northern Territory which were both down 0.4% over the month. For the remaining broad regions of Australia, dwelling values were relatively steady, or experienced a subtle rise, over the month.
National dwelling values tracked 0.2% higher over the past three months and have increased 5.2% over the twelve months ending November. The national annual growth rate has now halved since reaching a recent peak in May 2017, when dwelling values rose 10.4%.
Change month quarter annual Return Median
Sydney -0.7% -1.3% 5.0% 8.3% $904,041
Melbourne 0.5% 1.9% 10.1% 13.3% $718,325
Brisbane 0.1% 0.6% 2.4% 6.7% $490,915
Adelaide 0.0% 0.1% 3.4% 7.8% $432,126
Perth 0.2% 0.3% -2.6% 1.3% $463,026
Hobart 0.6% 3.3% 11.5% 17.1% $398,093
Darwin -0.4% -2.7% -5.5% -0.2% $432,774
Canberra 0.9% 1.3% 5.8% 10.6% $588,788
Locally we have seen activity ramped up before Christmas with more listings coming on to the market, more buyers making offers and more sales taking place. Vendors are being more realistic with their expectations so I anticipate that 2018 will be a busy year with the first quarter anticipated to be exceptionally active.
If you thinking of selling, renting, leasing or buying before Christmas or in January make sure you give the team at PropertyNest a call as we will be working all the way through except for the public holidays.
We would like to take the opportunity to wish you and your families a safe and happy holiday.
Seasons Greeting from Stevan Vuk-Luboya and the whole team at PropertyNest Estate Agents, Sydney Olympic Parks’ Boutique Property Service Providers.
Real estate as it should be. propertynest.com.au