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ISCOVER
Jessica Darnbrough
A majority of Australia’s capital cities will perform well this year in terms of value growth, with a few notable exceptions, RP Data’s Cameron Kusher has claimed.
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Speaking to The Adviser, Mr Kusher said Darwin, Sydney, Brisbane and Perth will all continue to perform well, spurred on by good employment growth and strength in the various resource sectors.
“I think this year will be very similar to last in that the cities we saw perform strongly will continue to be our best performers moving forward,” he said.
“Darwin will continue to perform well, but I don’t think home value growth will be as strong as it was last year. I also believe Sydney will continue to be one of the better performing housing markets. In addition, Perth should continue its recovery, as will Brisbane.
“Given what we have seen so far this year, Melbourne could also return to form, but I just don’t believe the growth we have seen so far this year in that market is sustainable long term.”
However, it was not all good news and Mr Kusher identified Hobart as potentially a weak link.
“Hobart will definitely continue to underperform because there aren’t a lot of growth drivers in that market. A lot of people leave Hobart to go to the mainland for work, so they don’t have employment or mining driving the capital forward.”
