Feb 25, 2018 Last Updated 10:02 AM, Feb 23, 2018

New Entry From the Editor :

Australia slips to second place in mining investment attractiveness ratings

Australia slips to second plac…

AusBN - Australia has fallen to second place in the Fraser Institute’...

Wesfarmers reports 87% H1 profit plunge on business write-downs

Wesfarmers reports 87% H1 prof…

AusBN - Wesfarmers (ASX:WES) has reported an 86.6% nose-dive in its H1 net ...

Australian female labour force participation reaches record high

Australian female labour force…

AusBN - Australia’s female labour force participation rate reached a ...

Melbourne overtakes Sydney in property market

Melbourne house with sourceAusBN - Melbourne has overtaken Sydney as Australia’s fastest growing property market, figures released today revealed.

Property prices in Melbourne grew

2.5 per cent in January compared

to 0.5 per cent in Sydney while in the past year the Melbourne housing market grew 11 per cent to Sydney’s 10.5, according to CoreLogic RP Data figures.

Tim Lawless, CoreLogic RP Data head of research, said: “Melbourne’s housing market has been more resilient to slowing growth conditions which has propelled the annual growth rate to the highest of any capital city, with dwelling values 11.0 per cent higher over the past 12 months.”

Lawless also noted that while Sydney still had strong annual growth it had dipped after the city had recorded vast growth in comparison other parts of the country.

He said: “While still a high rate of annual growth, Sydney’s annual rate of capital gain is now at a 29 month low and has been progressively softening since peaking at 18.4 per cent in July last year.”

A combined average of Australia’s capitals shows the housing market to be in a strong position with an annual growth of 7.5 per cent. 

 @AusBNonline

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