Melbourne leads for house price growth

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Property prices are making double-digit gains in some parts of Australia and going backwards in other capital cities, according to new statistics from CoreLogic RP Data.

Melbourne is now the national leader for house price growth, with the capital's median house price reaching $595,000 at the end of January – an 11.0 per cent jump on the year before.

Sydney slipped to second place after the city’s median house price increased 10.5 per cent to $776,000. Canberra house prices also grew strongly, rising 6.0 per cent to $588,000.

House price growth was more subdued in other cities, with Brisbane up 2.8 per cent to $478,000, Hobart up 2.3 per cent to $333,000 and Adelaide up 1.1 per cent to $420,000.

The other two capitals went backwards, with Darwin’s median house price down 2.5 per cent to $520,000 and Perth’s median house price down 4.1 per cent to $515,000.

Meanwhile, Hobart unit values skyrocketed in the year to January, with the median price surging 13.2 per cent to $280,000.

Sydney again claimed second place after the city’s median unit price increased 9.6 per cent to $655,000.

Three other cities made gains – Melbourne rose 5.4 per cent to $492,000, Brisbane rose 4.5 per cent to $392,000 and Darwin rose 0.7 per cent to $507,000.

However, Perth fell 0.4 per cent to $424,000, Canberra fell 3.3 per cent to $420,000 and Adelaide fell 3.9 per cent to $355,000.

[Related: Sydney property prices fall dramatically]

 

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