AusBN - 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.