Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

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

Brisbane booms but three capitals fail to beat inflation rate

Staff reporter 4 minute read

Melbourne has been overtaken as Australia’s second fastest-growing property 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.

Advertisement
Advertisement

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.

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.

PROMOTED CONTENT


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

[Related: Property prices go backwards in four cities]

Brisbane booms but three capitals fail to beat inflation rate
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

default

 

more from the adviser
Stephen Moore headshot

Breaking News

Brokers will dictate future of Choice, FAST, PLAN: White

After its management restructure, Loan Market Group will continue...

Peter Lock Kerry Betros Heritage

Breaking News

Heritage leaders address merger proposal concerns

The chairman and chief executive of Heritage Bank have addressed ...

uptick graph

Breaking News

Wisr reports 113% loan book growth

The non-bank lender originated a record $132 million over the las...