Hobart dominates capitals for property price growth

Tasmania’s capital recorded significantly higher growth in dwelling values than any other capital city in the first quarter of 2016, new research has revealed.

According to figures released by CoreLogic RP Data, Hobart was the best-performing capital for quarterly dwelling price growth, experiencing a 6.5 per cent rise in values over the three months to 31 March 2016.

Adelaide and Darwin were next best, with each experiencing 2.4 per cent growth over the quarter.

Melbourne’s dwelling values achieved a 2.2 per cent increase, while Sydney’s rose by 2.0 per cent.

Canberra's dwelling price over the quarter rose 1.8 per cent.

Meanwhile, Brisbane and Perth saw a decline in dwelling price growth, with values down 0.1 per cent and 0.9 per cent respectively.

Despite achieving the biggest growth in property values, Hobart remained the most affordable capital city at the end of March with a median dwelling price of $341,500.

The next most affordable capital city was Adelaide, with a median price of $415,000, followed by Brisbane ($470,000) and Perth ($495,000).

Darwin was next best with a median dwelling price of $505,000, while Canberra’s was $540,000 and Melbourne’s was $560,000.

With a substantially higher median value of $730,000, Sydney was the most expensive capital city at 31 March.

CoreLogic RP Data head of research Tim Lawless said that while combined capital city dwelling prices have experienced quarterly growth of 1.6 per cent, the pace is slowing compared to the corresponding quarter in 2015.

“The March quarter rise in capital city dwelling values is in stark contrast to the first quarter of 2015, when values increased by 3.0 per cent, which is almost double the current pace of quarterly growth,” Mr Lawless said.

“However, compared with the final quarter of 2015, when capital city dwelling values were down 1.4 per cent, the housing market has shown a modest rebound in growth, which is well below the strong capital gains recorded over the first half of 2015.

[Related: Falling home sales point to property downturn]

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Georgia Brown

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