Australia’s house price recovery is picking up momentum, with property prices rising for the sixth month in a row.
CoreLogic’s latest Home Value Index saw an increase of 0.8 per cent in August, slightly higher than the 0.7 per cent increase recorded in July.
Since bottoming out in February, house prices are up 4.9 per cent, adding approximately $34,301 to the median dwelling value.
Nationally, the median dwelling is now $732,886. In Sydney, the median home price is $1,098,821, in Melbourne it is $768,216, and in Brisbane it is $747,626.
Brisbane led the way for monthly gains (up 1.5 per cent), followed by Sydney and Adelaide (up 1.1 per cent). Hobart was the only capital city to record a drop (down 0.1 per cent).
CoreLogic research director Tim Lawless said the trend in housing values, though generally positive, was diverse.
“Sydney has led the recovery trend to date with a gain of 8.8 per cent since values found a floor in January this year,” Lawless said.
“Brisbane has also posted a strong recovery, with values up 6.2 per cent since bottoming out in February.”
Hobart home values have remained flat since stabilising in April, Lawless noted, while values across the ACT have risen only mildly.
“These are also the only two capital cities where advertised supply is tracking higher than a year ago, suggesting a rebalancing between buyers and sellers is a key factor contributing to the stability of values in these regions,” Lawless said.
Within the capital cities, house values rather than units have generally shown a sharper recovery. Meanwhile, conditions across regional housing markets were mixed.
Where are prices rising the most?
Here are the top 10 suburbs across the capital cities that recorded the biggest price increases over the past 12 months and their median value.
Mandurah, Perth - $545,670, up 12.2 per cent
Armadale, Perth - $502,898, up 11.1 per cent
Rockingham, Perth - $545,473, up 11.1 per cent
Playford, Adelaide - $441,472, up 10.5 per cent
Gawler - Two Wells, Adelaide - $558,484, up 9.8 per cent
Gosnells, Perth - $517,753, up 9.6 per cent
Kwinana, Perth - $459,812, up 9.4 per cent
Marrickville - Sydenham - Petersham, Sydney - $1,738,271, up 8.9 per cent
Salisbury, Adelaide - $548,509, up 8.9 per cent
Serpentine - Jarrahdale, Perth - $565,824, up 8.4 per cent