As Australia’s property market falters, it’s important to remember the diversity of individual markets across the country, according to a research analyst highlighting the capital city markets with above average growth.
However, even this picture isn’t completely rosy, CoreLogic research analyst Cameron Kusher said.
Of the 40 capital city regions registered as having the best annual change in values in the year to April, 14 actually recorded negative growth.
“Over the 12 months to April 2019, Adelaide, Hobart and Canberra were the only capital cities in which dwelling values haven’t fallen,” Kusher said.
“Although value declines have been prevalent, there are certain regions which have significantly outperformed the broad capital city and equally many regions have significantly underperformed.”
These are Sydney’s top performing regions, measuring the change in dwelling values over the 12 months to April 2019.
“With dwelling values having fallen by -10.9 oer cebt over the year to April 2019, only two … regions, both of which are located in the Blue Mountains, have recorded annual growth.”
Melbourne has seen dwelling values fall by 10 per cent, and like Sydney, only two of the top performing regions actually recorded growth.
Brisbane has only seen a marginal slide over the last year, falling 1.9 per cent.
“The top five regions with the strongest value growth over the past year are all located in the west of the city and are either within or towards Ipswich,” added Kusher.
Home prices in Adelaide have shifted slightly higher (0.3 per cent) over the last year.
The Central and Hills region, and the North region of the city are home to the highest performing regions.
“Dwelling values have been falling since mid-2014 and have declined by a further 8.3 per cent over the 12 months to April 2019,” Kusher said.
“Given this it is no surprise only one region of the city has recorded an increase in values over the year. The regions with the most moderate declines were all located in either the North West or North East of the city.”
Here, values have shot up 3.8 per cent - the largest increase out of all the capital cities.
And the areas outperforming are also diverse, with three situated on the North East.
“The list includes some of the most affordable and most expensive regions of the city.”
“Dwelling values have been falling since mid-2015 and have declined by a further -7.1 per cent over the past year,” the research analyst observed.
“With such weak conditions only one region of the city (Wagaman) recorded an increase in values.”
Canberra has seen dwelling values increase by 2.5 per cent, and four of the five top-performing regions are located in the northern area of the city.
“With dwelling values falling broadly across the capital cities, there are still some precincts where values are continuing to trend higher, although the list of positive growth areas has shrunk over the past year,” Kusher said.
“Looking to the data there is some suggestion that in individual cities certain geographic areas and value points are more likely to still be seeing values increase than others.”
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