Powered by MOMENTUM MEDIA
subscribe to our newsletter

Brisbane property market booms while other capitals struggle

Melbourne has been overtaken as Australia’s second-fastest growing market, according to the Australian Bureau of Statistics.

Sydney residential property prices grew by 3.4 per cent for the three months to 31 December 2014 and by 12.2 per cent during the 2014 calendar year.

Brisbane has now become Australia’s number two market, after prices rose 1.4 per cent over the quarter and 5.3 per cent over the year.

Third place was filled by Melbourne, which recorded 1.3 per cent quarterly growth and 4.5 per cent annual growth.

Adelaide climbed by 0.8 per cent over the quarter and 2.5 per cent over the year, while Hobart climbed by 1.0 per cent over the quarter and 2.2 per cent over the year.

Advertisement
Advertisement

Canberra posted 0.2 per cent quarterly growth and 1.7 per cent annual growth, while Perth posted 0.3 per cent quarterly growth and 1.2 per cent annual growth.

Darwin fell by 0.6 per cent over the quarter but rose by 0.8 per cent over the year.

Inflation reached 1.7 per cent during 2014, which means that Canberra prices remained steady in real terms, while Perth and Darwin prices went backwards.

The Australian Bureau of Statistics also revealed that the total number of homes in Australia increased by 1.6 per cent to 9.4 million during 2014.

Australian home values increased by 7.6 per cent over the year, while the mean dwelling price rose 6.0 per cent to $572,000.

PROMOTED CONTENT


Brisbane property market booms while other capitals struggle
mortgagebusiness

Latest News

Providing more efficient loan approvals is “within the control of the lenders” and does not require changes to the law, according to Mon...

The chief executive of CBA has called for more regulation for the buy now, pay later market, outlining that some players have now outgrown ...

NAB chief executive Ross McEwan has urged state governments to speed up the development of land for residential construction to ease pressu...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Citi’s exit and bank turnaround time disparities

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.